India’s Ambitious R&D Push: PLI Scheme Proposal for 2025-26

Deloitte India's Rohinton Sidhwa suggests a PLI scheme for R&D in the 2025-26 Budget to attract foreign investment and make India a global innovation hub. He emphasizes the need for policies that incentivize R&D spending and innovation, drive FDI, and develop India's own technological capabilities.

Deloitte India Partner Rohinton Sidhwa has proposed a novel Production Linked Incentive (PLI) scheme for R&D in the upcoming 2025-26 Budget. He argues that such a policy could transform India into a global innovation hub by attracting foreign companies and boosting investment in research and development.

Speaking in an interview with PTI, Sidhwa highlighted the need for India to become the world's R&D lab. He believes a PLI scheme could be pivotal in encouraging global R&D investments, which would decrease reliance on technology imports and promote domestic innovation.

Sidhwa also pointed out that a policy specifically targeting global companies could significantly boost Foreign Direct Investment. The Finance Minister has announced steps to establish a commercial-scale research and innovation financing pool, though private sector R&D investment remains tepid.

(With inputs from agencies.)