India can unlock Rs 12 lakh crore opportunity in research and development: Piyush Goyal

Union Minister for Commerce and Industry Piyush Goyal. File Picture

Union Minister of Commerce and Industry Piyush Goyal on Wednesday said India can become a global innovation hub and can unlock a Rs 12 lakh crore opportunity in research and development by using its cost advantage, coupled with government support and academic expertise, according to news agency IANS.

In a video message on social media platform X, he said a government-supported R& D programme with about Rs 1 lakh crore in government funding, if equally matched by industry, could enable research worth Rs 10-12 lakh crore by leveraging India's medical colleges, Indian Institutes of Technology and other centres of excellence.

"If industry gives the matching contribution then we use our academia ... we can actually do 10-12 lakh crores research and development," he said.

Potential opportunities for research and development

Goyal pointed out that India's research costs could be about one-fifth or one-sixth of those in Switzerland or Europe thus creating a significant opportunity for the country to become a global innovation hub.

The minister outlined potential opportunities in areas such as product design, clinical trials and manufacturing of equipment in India, saying the cost arbitrage could make the country an attractive destination for global research and innovation.

Pushing pharma industry to deepen its focus on R&D and innovation

The Commerce Minister had earlier urged India's healthcare and pharmaceutical industry to move beyond its success in generics and deepen its focus on research, development and innovation.

Pharmaceutical industry needs to be more investor friendly and focus on research and development and innovation, while adding that the industry needs to develop resilient supply chains.

"We cannot just rest our case on generics only. Focus and promote more and more R & D and innovation. Pharma should be at the forefront on this," he had said.

"We should be at the forefront to look at new molecules and biosimilars, and we will have to offer to the world a regulatory mechanism where R&D and innovation become attractive in India," he had added.

Goyal had said India needed to develop and patent its own products if it wanted to become a developed economy by 2047.

(With inputs from IANS)