Overall, he said, the Indian private sector contributes about one-third of the economy’s total R&D spending, while the remaining two-thirds comes from the government.
“Once again, our studies show that it is not due to a lack of government support for R&D spending in general, but also depends on our ability to think over a much longer horizon… seeing R&D spending as an investment, rather than as an expense against the bottom line,” he said.
In this regard, he said, “enhancing R&D investment and becoming global leaders will be a major contributor to the ‘aatmanirbharta’ programme in terms of putting Indian manufacturing on the global roadmap.”
Furthermore, he said, carmakers should not view public mobility as a form of competition, but rather as a complement.
Talking about the Indian economy, Nageswaran “Due to strong balance sheets in the financial and corporate sectors, and huge investments in supply-side infrastructure over the last 8-10 years… our potential growth of the economy is between 6.5-7 percent and if we continue some more reforms, especially at the state and local government level, then we may take this figure up to 7-7.5 percent,” he said.
Sustainably moving toward 8 percent would also require the global economy to grow well, he said.
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