India needs to step up expenditure on innovation in a big way for the growth of the economy and lift the people out of the morass of poverty, President Pranab Mukherjee said Saturday and asked the private sector to increase their share of spending on research and development (R&D) to the levels prevalent in countries such as the US, Japan and South Korea.
"The future prosperity of India in the new knowledge economy will increasingly depend on its ability to generate new ideas, processes and solutions. The process of innovation shall convert knowledge into social good and economic wealth. In a globally competitive world, India has to unleash its innovation potential to increase capacity, productivity, efficiency and inclusive growth," Mukherjee said addressing a National Technology Day event here.
To read the original article: President asks private sector to raise spending on innovation, R&D - NY Daily News | NewsCred SmartWire
