R&Dy, steady, go, let's get talent here

The proposed Prime Minister Research Chairs (PMRC) in IITs are an effort to attract top Indian-origin researchers and scientists to the country. The plan to support 120 research fellows and chairs over 5 yrs acknowledges the central role that R&D and innovation play in driving economic growth. While the initiative is welcome, delivering results will require sustained commitment. This must include a drive to build and own fundamental R&D capabilities and a strong IP pipeline.

India has entered the global R&D and innovation race late and with a far smaller financial commitment than its competitors. A stagnant public expenditure of 0.64-0.66% of GDP on R&D is insufficient. The private sector's limited contribution - around 34% of R&D spending - reflects risk aversion and a focus on short-term returns. This must change. GoI has a critical role in shaping a supportive ecosystem for R&D and innovation, but its emphasis should be on policy, governance, and articulating a long-term vision. Public funding should be deployed toward foundational research, strengthening educational institutions, and enabling meaningful collaboration between academia and industry. Beyond a supply-side approach that funds research programmes, GoI must adopt demand-side, mission-driven, or 'moonshot' funding models. In such models, the state sets objectives, while industry, private capital and the research community deliver solutions.

Without a fundamental shift in approach to R&D investment, ownership of intellectual property, and mechanisms that leverage public funds to crowd in significantly larger volumes of private capital, initiatives such as PMRC risk falling short of their promise.