Budget 2023Budget 2023


  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
Live Now : Nifty Banker 3.0 | India's First Retail Index Traders Online Conference.
Budget 2023
Budget 2023
you are here: HomeNewsBusiness

Economic Survey 2021: Indian innovations improve sharply, but have to play catch-up with China

India needs to boost its investments in primary and secondary education to help push the country's rank with regards to innovation. The survey further points out the need for private enterprises to step up R&D investments.

January 29, 2021 / 08:47 PM IST
Source: Reuters

Source: Reuters

China has leapfrogged India in terms of innovation and the speed of implementation of latest technology, says the Economic Survey 2020-21, released by the finance ministry on January 29.

While India improved on the overall innovation index, climbing many spots to 48 in 2020 from 81 in 2015, China at time has climbed to 14 from 29, it noted.

The survey has cited the 15-year target the Chinese government had taken in 2006 to improve the country’s performance on the innovation front, and stated how they have almost achieved their goals on most fronts.

Citing multiple data points, the report said that India has improved on innovation inputs. Inputs here mean policy decisions and overall innovation environment while output stands for the actual amount of work that gets done.