Roundtable consultation held for enhanced R&D investment among top companies

Dr. Parvinder Maini, Scientific Secretary at the Office of the Principal Scientific Adviser, shared insights into the government's initiatives aimed at promoting research and development in the country.

Today, the School of Business Environment at the Indian Institute of Corporate Affairs (IICA) convened a pivotal roundtable consultation in New Delhi, with support from the Office of the Principal Scientific Adviser to the Government of India, focusing on the critical theme of 'Research & Development (R&D) Expenditure by top 1,000 listed companies in India.'

This strategic gathering was orchestrated as part of an ongoing initiative to consolidate corporate perspectives on R&D expenditure, emphasizing the imperative of investing in R&D for sustained growth and long-term viability. The consultation aimed to sensitize corporate entities regarding the significance of R&D investments and the necessity of transparent disclosures in this domain. It served as a platform to gather insights and feedback from corporate leaders on the preliminary findings of a comprehensive research study conducted by the IICA, delving into the R&D landscape of the nation.

Professor Ajay Kumar Sood, the Principal Scientific Adviser to the Government of India, delivered the keynote address, advocating for the adoption of robust and standardized criteria for capturing R&D data. Professor Sood envisioned a paradigm shift for India, transitioning from a service-driven economy to one propelled by product innovation. He emphasized the pivotal role of innovation and product development in catapulting India onto the global stage, urging companies to strategically invest in R&D to foster a culture of creativity and risk-taking.

Dr. Ajay Bhushan Pandey, Director General & CEO of the Indian Institute of Corporate Affairs and Chairperson of the National Financial Reporting Authority (NFRA), shed light on international best practices in the R&D domain and underscored the importance of sensitizing the corporate sector to Environmental, Social, and Governance (ESG) considerations. Drawing parallels with successful R&D initiatives in countries like South Korea, Japan, and the USA, Dr. Pandey highlighted the transformative potential of adopting ESG reporting frameworks in India's R&D landscape.

Dr. Parvinder Maini, Scientific Secretary at the Office of the Principal Scientific Adviser, shared insights into the government's initiatives aimed at promoting research and development in the country. She emphasized the pivotal role of R&D in driving innovation and stressed the need for increased private sector participation in R&D investments.

Shri Sunil Kumar, Additional Secretary of the Department of Science and Technology, outlined the department's initiatives in capturing R&D data and advocated for rational policy-making aligned with Indian priorities. He proposed the establishment of a dedicated database for public-private companies in the R&D sector to enable targeted interventions and informed decision-making.

Shri Inder Deep Singh Dhariwal, Joint Secretary at the Ministry of Corporate Affairs (MCA), underscored the ancient roots of R&D in Indian culture and urged the corporate community to honor this legacy through meaningful investment in R&D initiatives.

Shri B.N. Satpathy, a PSA Fellow at the Office of the Principal Scientific Adviser, presented the draft findings of the research study conducted by IICA, offering insights into trends in R&D expenditure among India's top 1,000 listed companies by market capitalization.

Dr. Garima Dadhich, Associate Professor & Head of the School of Business Environment at IICA, emphasized the pivotal role of R&D in shaping the future trajectory of businesses and societies, calling for enhanced commitment and collaboration in this domain.

Dr. Ravi Raj Atrey, Chief Programme Executive at the School of Business Environment, IICA, facilitated the roundtable, which saw participation from around 50 senior representatives from R&D and Sustainability divisions of various public and private corporate entities.

Key recommendations stemming from the consultation included the establishment of a dedicated web portal for real-time tracking of R&D data, enhanced sensitization efforts among corporate stakeholders, standardized definitions of R&D, and potential mandates for R&D disclosures in standardized formats, extending to unlisted companies as well.

It is noteworthy that the Office of the Principal Scientific Adviser commissioned a research study on R&D expenditure among the top 1,000 listed companies in India by market capitalization to the School of Business Environment, IICA, underscoring the gravity of R&D investment in driving India's innovation agenda forward.