New Delhi: Stating that Covid-19 has many lessons for the future, Principal Scientific Adviser to the government Prof K Vijay Raghavan has said that countries need to step up their investment in Research and Development in order to prevent such a crisis further. 

Delivering a keynote address during 1st Roundtable on the 'Promotion of R&D Services Exports' from the country, organised by Federation of Indian Export Organisations (FIEO), Prof Raghavan said, “Investment in R&D also needs to be undertaken through global collaboration and coordination. This has underscored the importance of exchange of R&D services across the globe. R&D exports are more relevant today than ever.”

He added that the attention of policy makers so far has been on high-tech merchandise exports as a country’s engagement in high technology exports (HTX) reflects the sophistication of its economy, level of productivity and future capabilities. 

India’s scientific manpower has been doing exceedingly well globally and they have already created a niche in the global R&D sector and the developed countries acknowledge the fact, he said.

India has targeted an FDI investment of US $500 million in the coming year. It is important to align with “Atmanirbhar Bharat” mission of achieving self-reliance, Prof Raghavan highlighted. 

Appreciating the government for doubling the investment in R&D service, FIEO President Sharad Kumar Saraf said that this will help the R&D services sector to grow and also double its exports in the coming years. 

He urged the state governments to come up with larger participation and extend support to this sector. 

On the occasion, Prof Raghavan launched a prototype of the R&D Services Exports eCommerce Portal, which will enable interested Indian parties to create their eStore on the portal with ease, go global and also transact business.