A roundtable consultation was organized by the School of Business Environment, Indian Institute of Corporate Affairs supported by the Office of the Principal Scientific Adviser to the GOI on the ‘Research & Development (R&D) Expenditure by top 1000 listed companies in India’ today 16 May 2024 at the New Delhi with objective to seek inputs and obtain feedback of corporate leaders on provisional findings of a research study carried out by the IICA on R&D landscape in country.
Prof. Ajay Kumar Sood, Principal Scientific Adviser , GOI urged companies to invest strategically in R&D, fostering a culture of creativity and risk-taking. To remain competitive, India must embrace public-private funding models as the bridge to realizing this vision developed economy. In summary, Prof. Ajay Kumar Sood’s address underscored the urgency of India’s R&D agenda. It’s not merely about numbers; it’s about shaping our destiny, fostering innovation, and leaving a legacy for generations to come.
Dr. Ajay Bhusan Pandey, Director General & CEO, Indian Institute of Corporate Affairs mentioned how adopting ESG (Environmental, Social, and Governance) reporting frameworks are changing companies’ approach towards fostering ESG led investment practices. Similarly, it could catalyze similar growth in India’s R&D landscape.
Dr. Parvinder Maini, Scientific Secretary, PSA passionately advocated for increased private sector participation in R&D investments. Dr. Maini asserted, that the private sector must step forward as partners in our journey toward technological advancement and sustainable growth. Her plea for collaborative efforts echoed throughout the hall, emphasizing the need for a collective commitment to R&D excellence.
Shri Sunil Kumar, Additional Secretary, Department of Science and Technology,proposed bifurcating the public-private companies’ database specifically for the R&D sector, enabling targeted interventions and informed decision-making.
Shri Inder Deep Singh Dhariwal, Joint Secretary, Ministry of Corporate Affairs urged the corporate community to honor this legacy by investing in R&D, not merely as an obligation but as a sacred duty to our nation’s future. Shri B.N. Satpathy, PSA Fellow, PSA also address the participants .
Dr. Garima Dadhich, Associate Professor & Head, School of Business Environment, IICA, outlined the specific objectives of the roundtable, emphasizing the need for enhanced commitment, improved reporting practices, collaboration, and long-term impact. Dr. Ravi Raj Atrey, Chief Programme Executive, School of Business Environment, IICA facilitated the roundtable. The event was attended by around fifty senior representatives from R&D/Sustainability divisions of different public and private corporate houses.
Some key recommendations from the consultation were to come-up with a dedicated web-portal to manage and track the R&D data on a real time basis, sensitise the corporate functionaries on importance of R&D. Need was emphasised for a standardised definition of R&D, a possibility for mandatory R&D disclosures in standard formats, need for such research for unlisted companies also among others.
Pertinent to mention that the Office of the principal Scientific Adviser entrusted a research study on R&D Expenditure of top 1000 listed companies by their market capitalization in India to the School of Business Environment, Indian Institute of Corporate Affairs.
