HYDERABAD: Indian investments in Research and Development need to more than double for increase in innovation and subsequently more intellectual property rights (IPR), NITI Aayog Member VK Saraswat said here Thursday.
"I have been always saying, particularly as a member of Science and Technology in Niti Aayog, that India's investments in research and development it should go up from today's 0.7 per cent or 0.8 per cent to something like 2 per cent of the GDP," he said on the sidelines of a programme at Indian School of Business (ISB).
"Then only we can see a substantial increase in our innovation in our IPRs and in our economic growth. IP rights, Innovation and competition are the main factors which are responsible for economic growth. The balance between IP and competition will certainly foster more innovation," he added.
Replying to a query, he said there is slackness of innovation in Indian Micro, Small and Medium Enterprises (MSME) as it needs strong R&D base.
According to him, academic institutions and national laboratories have perfect ecosystem in place to foster innovation.
"Private industries do not have that kind of ecosystem. That is the reason why in India particularly in MSMEs innovation is limited. Once innovation is not there, intellectual property rights are limited," the former secretary of Defence R&D explained.
He said the Indian pharma sector is facing issues with regards to reverse engineering and IP rights of some drugs in USA and the government is in touch with that country.