The business enterprise expenditure on R&D in India is forecasted to grow steadily from 2024 to 2028, increasing from $24.85 billion to $27.38 billion in USD PPP terms. In 2023, R&D spending was recorded at approximately $24 billion. The year-on-year percentage growth is observed to be modest, reflecting a stable investment environment. The compound annual growth rate (CAGR) for the 2024-2028 period is expected to indicate consistent, if not accelerating, investment interest from businesses in India.

Future trends to watch for:

Increased digital transformation in industries like IT and pharmaceuticals.
Government incentives for innovation could further bolster R&D investment.
Growing foreign direct investment in Indian technology sectors could accelerate R&D spending, given global technological collaboration.