In the recently published report of WEF, the top emerging technologies of 2024, they have identified 10 technology areas that are going to shape the future.
The table below shows the 10 areas of new technology and countries that are leading in the research and development in those areas either through business or academically.
The above table provides a lot of insights;
1. The USA is #1 in 8 of the 10 areas in terms of Business investments and #1 in the academic grants in every field.
2. The UK is active in 9 of the 10 areas either in Business or Academic or both in some cases.
3. Canada is active in 7 of the 10 areas either in Business or Academic or both in some cases.
4. China & Switzerland are active in 6 of the 10 areas either in Business or Academic or both in some cases.
5. Other countries are active in 3 or less number of areas. India is active in only one area with substantial investment in R&D through business.
India's reduced emphasis on innovation can be traced back to the early days of the country following independence. The country's progress in science, technology, and development has mainly been spearheaded by the government. Now, after 77 years as an independent and democratic nation, India must reconsider its approach to innovation policy.
Reimagining Innovation Culture in Indian
The paper titled "Rethinking Innovation Policy in India: Amplifying Spillovers Through Contracting-Out," authored by R. A. Mashelkar, Ajay Shah, and Susan Thomas provides insights on the significance of state intervention in promoting scientific research and innovation in India. It suggests a transition in public expenditure methods, shifting from conventional government entities to a contracting-out model. This novel approach seeks to improve societal knowledge and skills, ultimately leading to advantages for the Indian population.
The paper suggests that contracting out can enhance knowledge and capabilities in society through several mechanisms:
1. Utilization of Diverse Expertise: By contracting out innovation activities to universities and private firms, the government can harness a wide range of expertise and innovative ideas. This approach allows for the engagement of multiple competing teams, which can explore various design pathways and solutions, ultimately leading to more effective outcomes.
2. Increased Efficiency and Effectiveness: The contracting-out strategy is expected to provide a greater "bang for the buck" by leveraging the energy and management capabilities of private entities. This can lead to more efficient use of public funds, as private organizations often have the agility and expertise to execute projects effectively.
3. Knowledge Spillovers: When universities and private firms are contracted to conduct research, the knowledge generated is diffused throughout society rather than being confined within government organizations. This diffusion of knowledge can stimulate further innovation and development across various sectors.
4. Encouragement of Private R&D Investment: As government resources amplify the capabilities of R&D departments in both public and private institutions, private firms will likely increase their R&D spending. The enhanced returns on investment from public funding can incentivize private entities to invest more in research and innovation.
5. Attracting Global Research Investments: The strategy aims to attract global companies to invest more in their R&D activities in India. By creating a favourable environment for contracting out, the paper posits that India can become a more attractive destination for international firms looking to conduct research, thereby enhancing the overall capabilities of the local innovation ecosystem.
6. Meritocratic Competition for Funding: The paper argues that by contracting out a significant portion of public expenditure on innovation, a meritocratic mechanism can be established. This would allow ambitious universities and research organizations to compete for grants and contracts based on their capabilities and performance, leading to a more dynamic and capable research environment.
In conclusion, outsourcing is seen as a strategy to leverage external expertise, enhance efficiency, promote knowledge sharing, and boost private investment in research and development. These factors collectively contribute to the cultivation of a knowledgeable and skilled society. This, in turn, has the potential to cultivate a culture of innovation among young people in India in the coming years. Innovation holds significant importance for India, as without it, the country may remain a major economy primarily due to domestic consumption rather than for its innovative offerings that cater to both local and global markets.
Watch the episode on YouTube, where Ajay Shah one of the writer of the above sighted paper explains the subject very well.
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