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Target R&D expenditure of 2% of GDP by 2022: PM economic panel

In a report titled 'R&D Expenditure Ecosystem', the EAC-PM said that the line ministries at the Centre could be mandated to allocate certain percentage of their budget for research and innovation for developing and deploying technologies as per the priorities of the respective ministries.

July 24, 2019 / 02:11 PM IST

The growth in R&D expenditure should be commensurate with the economy's growth and should be targeted to reach at least 2 per cent of the GDP by 2022, according to the Economic Advisory Council to the Prime Minister (EAC-PM).

In a report titled 'R&D Expenditure Ecosystem', the EAC-PM said that the line ministries at the Centre could be mandated to allocate certain percentage of their budget for research and innovation for developing and deploying technologies as per the priorities of the respective ministries.

"The growth in R&D expenditure should be commensurate with the growth of GDP and should be targeted to reach at least 2 per cent of GDP by 2022," the report said.

It pointed out that India's public investment in R&D as a fraction of GDP has remained stagnant over the last two decades.