Budget 2024: Let’s put money in R&D to make manufacturing roar

Budget 2024: As India aims to become a developed nation by 2047, Finance Minister Nirmala Sitharaman will need to prioritize a significant boost in Research and Development (R&D) during her upcoming Union Budget presentation on July 23. A key challenge for the government will be increasing the share of R&D in the country, which, according to a NITI Aayog report, is currently among the lowest in the world. India's R&D expenditure as a percentage of GDP lags behind that of developed nations, a concern that has been consistently raised by industry bodies such as Nasscom.