NRF can help fast-track India's transformation to a knowledge economy

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₹50,000 crore for five years and the goal of providing superior strategic direction for scientific research in India. Many previous “ahead-of-their-time" research funding bodies such as the Technology Development Board (TDB), Science & Engineering Research Board (SERB), Global Innovation & Technology Alliance (GITA), and Biotechnology Industry Research Assistance Council (BIRAC) have fulfilled their purposes quite well. However, none of them had the mandate for a broader vision to transform the research and innovation landscape and take India towards a knowledge economy.

With NRF, this now looks possible. A robust “education-research-innovation" or knowledge-economy ecosystem of a nation can increase the intensity, speed and efficiency of economic and social development and touch every citizen. Many countries in the West and a few in Asia have proved this by prioritising knowledge-economy ecosystems with strategic planning and plenty of resources, and benefitting immensely.

India, which has exceptional education and research institutions, robust infrastructure and thriving industries remains unable to fully harness these strengths for development and technological leadership. While the country has done exceedingly well in space research and a few other areas, For India to become one of the world’s top five knowledge economies, it needs a tectonic shift in strategy, policy, implementation and, most importantly, private-sector participation. It's time to adopt a new approach to strategic planning, starting with the goals we wish to achieve.