In 2023, India’s government expenditure on R&D stood at an unspecified value, based on which the forecast for 2024 is 5.83. The subsequent forecasted growth marks a steady annual increase, with spending reaching 6.07 by 2028. Year-on-year, the expenditures incrementally rise between 1% to 2%, reflecting a modest growth pattern. The 5-year compound annual growth rate suggests steady but gradual investment in R&D.
Future trends to watch for include:
- Increased governmental focus on technology and innovation sectors.
- Potential policy shifts fostering public-private R&D partnerships.
- Global economic conditions influencing public budget allocations for R&D.
