As a representative of the biotechnology and pharmaceutical sector, it is heartening to see that Research and Innovation are among the key priority areas for this government. The proposal to devise a mechanism to spur private sector-driven research and innovation at a commercial scale, backed by a financing pool of Rs 1 lakh crore, aligns perfectly with the announcements made during the Interim Budget. Moreover, the setting up of the ‘Anusandhan National Research Fund’ will support basic research and prototype development in universities, colleges, research institutions, and R&D labs.
This focus on research and innovation is a promising step towards fostering a culture of scientific discovery and technological advancement in the country. It is a clear signal that the government recognizes the critical role of Science and Technology in the nation’s development.
The Budget also focused on employment generation, skilling, entrepreneurship, and the startup economy. In a country with the world’s largest and youngest workforce, India needs to create more skilled jobs and shift a greater proportion of its workforce into higher productivity sectors to sustain its economic momentum and achieve consistently high GDP growth.
