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Only 26 Indian companies in top 2500 global R&D spenders

The engineering and r&d market in india are estimated to grow at a compounded annual growth rate (cagr) of 14 per cent to reach $42 billion by 2020.

• Updated Nov 02, 2020, 8:08 PM IST

India may be among the top ten research and development (R&D) spenders in the world, there are only 26 Indian companies in the list of the top 2,500 global R&D spenders in the world.

Compared to this, 301 Chinese companies are among the top 2,500 global R&D spenders. Further, 19 out of these 26 firms from India are in just three sectors - pharmaceuticals,  automobiles and software. India has no firms in five of the top ten R&D sectors as opposed to China that has a presence in each one of them, says the Government's Invest India report 'The Case for Foreign Direct Investment in Research & Development in India'.

The engineering and R&D market in India are estimated to grow at a compounded annual growth rate (CAGR) of 14 per cent to reach $42 billion by 2020. However, India's share is only 2.7 per cent of the global R&D spend, although India improved its ranking in the Global Innovation Index by five places to 52nd in 2019. The country is likely to get into the list of the top 25 nations by 2027, said the report.

India had close to 7,000 R&D institutions, and of this, 1392 (20.3 per cent) are in the state of Maharashtra followed by Karnataka, Tamil Nadu, Andhra Pradesh and Gujarat with 685 (10 per cent), 672 (9.8 per cent), 570 (9.7 per cent) and 547 (8.3 per cent), respectively. Currently, over 1,140 centers in India are dedicated to R&D which employ over 900,000 professionals. India has been ranked as the top innovation destination in Asia and second in the world for new innovation centres, accounting for 27 per cent of Asia's new innovation centres.

Companies such as Microsoft, Oracle,  Motorola, Intel, IBM and GE have set up their R&D or design centers in India and companies like GE and Bosch have their largest and second largest R&D facilities, respectively in India. For every $1 million invested in India per year for the purpose of R&D by MNCs, it is likely to create demand for around eight to ten researchers, said the report.

Within the central scientific ministries and departments, the top three spenders in 2017-18 were Department of Atomic Energy, Department of Space and Department of Science and Technology. Out of 257 profit making Central Public Sector Enterprises (CPSE) in 2017-18 only 25 per cent contributed to R&D. The top three companies which have contributed to R&D in 2017-18 were Hindustan Aeronautics, Bharat Electronics and Bharat Heavy Electricals. The top R&D spenders state-wise on agriculture, research and education in 2018-19 were Maharashtra, Tamil Nadu and Karnataka.

Also read: Amazon tells SEBI Future Retail is misleading shareholders

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Research and Development

Research and development in india, india is presently ranked 76th among a total of 143 economies, as per the global innovation index (gii)..

Hyundai Motor India Engineering

Hyundai Motor India Engineering (HMIE) is a fully owned subsidiary of Hyundai Motor Company, South Korea, which has set up the R&D Centre in Hyderabad. HMIE is a centre with one of the most advanced research and development facilities which focuses on state of the art product and design engineering and rigorous quality enhancement. The new R&D Centre at Hyderabad in India is Hyundai Motor Company’s fourth overseas R&D centre.

Set up with an investment of Rs 184 crore (US$ 28.92 million), the new 200,000 square-foot facility R&D Centre, is aimed at further accelerating local content development and enable Hyundai to respond even more quickly to changing customer needs across the world. The R&D Centre will further facilitate the development of India as Hyundai’s global hub for manufacturing and engineering of small cars.

Company Website

Panasonic India Pvt Ltd

Panasonic makes available in India its wide range of consumer electronics, home appliances like LCD & plasma TVs, DVD players, home theatre systems, smartphones, cameras, camcorders, car audio systems, air conditioners, washing machines, refrigerators, microwave ovens, automatic cookers, vacuum cleaners and a wide range of system products including communication ones like mobile phones, high definition videoconferencing, professional audio video products like broadcast cameras, projectors and displays, business solutions including printers, whiteboards and security solutions. Panasonic has aggressively focuses on market research, product innovation and talent hiring in India for work in areas like energy, water, remote access and food. The company currently has a workforce of about 12,500 in India.

Biocon, India's largest biotech company is focused on delivering affordable innovation.

It is committed to reduce therapy costs of chronic diseases like diabetes, cancer and autoimmune diseases by leveraging India's cost advantage to deliver affordable healthcare solutions to patients, partners and healthcare systems across the globe.

Tata Consultancy Services Ltd

Tata Consultancy Services Ltd (TCS) is a leader in the global marketplace and among the top 10 technology firms in the world. Its continued rapid growth is a testament to the certainty clients experience every day. Building on more than 40 years of experience, TCS adds real value to global organisations through domain expertise plus solutions, with proven success in the field and world-class service.

Sun Pharmaceutical Industries Ltd is an international specialty pharma company. The Company manufactures and markets pharmaceuticals formulations as branded generics, as well as generics in India, the United States (US) and several other markets across the world.

The Company’s business is divided into four segments: Indian Branded Generics, US Generics, International Branded Generics (ROW) and Active Pharmaceutical Ingredients (API).

Bajaj Auto is a part of the Bajaj Group, which was founded by Mr Jamnalal Bajaj in 1926. The Group's footprint stretches over a wide range of industries, spanning automobiles (two-wheelers and three-wheelers), home appliances, lighting, iron and steel, insurance, travel and finance.

Bajaj Auto is one of the foremost motorcycle manufacturers of the country. It also manufactures three-wheeler commercial vehicles under the brand name Bajaj RE, which has been in operation since 1977, as well as gearless scooters. At present, Bajaj Auto's turnover stands at around Rs 120 billion (US$ 1.95 billion). Its product portfolio has expanded and the brand has found a global market. The Bajaj brand is well-known across several countries in Latin America, Africa, Middle East, South and Southeast Asia.

Samsung India

Samsung India or Samsung R&D Institute India - Bengaluru (SRI-Bengaluru), earlier known as Samsung Electronics India Software Operations (SISO), is one of the 24 research & development (R&D) centres of Samsung Electronics Co Ltd, and is housed in the IT hub of India, Bengaluru. With its inception in February 1996, today it has grown in magnitude and proportions as a location for research and software development encompassing a wide range of technology domains.

Glenmark Pharmaceuticals

Glenmark Pharmaceuticals Pvt Ltd is headquartered in Mumbai, India and was established in 1977. Today, it is a leading player in the discovery of new molecules, both NCEs (new chemical entity) and NBEs (new biological entity), and it currently has seven molecules in various stages of clinical development and pre-clinical development. The company has a significant presence in branded generics markets across emerging economies, including India. Its subsidiary, Glenmark Generics Ltd has a fast growing and robust US generics business. The subsidiary also markets APIs to regulated and semi-regulated countries. Glenmark employs over 10,400 people in over 80 countries. It has 14 manufacturing facilities in four countries and has six research and development (R&D) centres.

Hindustan Aeronautics Ltd

Hindustan Aeronautics Ltd (HAL) came into existence on October 1, 1964. The company was formed by the merger of Hindustan Aircraft Ltd with Aeronautics India Ltd and Aircraft Manufacturing Depot, Kanpur.

The company traces its roots to the pioneering efforts of industrialist Mr Seth Walchand Hirachand, who set up Hindustan Aircraft Ltd at Bengaluru in association with the erstwhile princely State of Mysore in December 1940. The Government of India became a shareholder in March 1941 and took over the management in 1942.

The Indian Council of Medical Research (ICMR) is the apex body in India for the formulation, coordination and promotion of biomedical research and is also one of the oldest medical research bodies in the world.

The Government of India had set up the Indian Research Fund Association (IRFA) in 1911, with the specific objective of sponsoring and coordinating medical research in the country. This was later redesigned in 1949, to form the ICMR, with considerably expanded scope of functions. The ICMR is funded by the Government of India through the Department of Health Research, Ministry of Health and Family Welfare.

Cipla began in 1935 when their founder Dr KA Hamid set up an enterprise with the vision to make India self-sufficient in healthcare.

Indian Space Research Organisation (ISRO) was established in the year 1969. In 1972, it came under the newly established Department of Space (DOS).

The DOS formulates the policies and oversees the implementation of the Indian space programme to promote the development and application of space science and technology for the socio-economic benefit of the country.

Established in 1981, Infosys is an NYSE listed global consulting and IT services company with more than 158,000 employees. From a capital of US$ 250, the company has grown to become a US$ 8.095 billion (LTM Q3 FY 14 revenues) company with a market capitalisation of approximately US$ 33 billion.

Incorporated in 1933, Hindustan Unilever Ltd (HUL) is India's largest fast moving consumer goods (FMCG) company. In a highly competitive scenario, where new brands and offerings are entering the market almost every quarter, HUL regularly delivers double-digit growth driven by innovations and maintenance of marketing and trade investments at competitive levels.

Headquartered in Mumbai, India, Lupin Ltd today is an innovation led transnational pharmaceutical company producing a wide range of quality, affordable generic and branded formulations and Active Pharmaceutical Ingredients (API) for the developed and developing markets of the world.

Lupin first gained recognition when it became one of the world's largest manufacturers of Tuberculosis drugs. The Company today has significant market share in key markets in the Cardiovascular (prils and statins), Diabetology, Asthma, Pediatrics, CNS, GI, Anti-Infectives and NSAIDs therapy segments, not to mention global leadership positions in the Anti-TB and Cephalosporins segments.

Related News

Bengaluru: Indian Space Research Organisation (ISRO) has 21 rocket launches in the pipeline, as a part of which it will also test its heaviest rocket called the Geosynchronous satellite launch vehicle (GSLV) MK-III.

Bengaluru: Intel India plans to invest Rs 1,100 crore (US$ 171.05 million) to expand its research and development centre in Bengaluru, which would be the largest such centre outside the US.

New Delhi: The Government of India aims to develop India into a global innovation hub by 2020 on the back of effective government measures taken to provide an enabling environment for growing research and development in India, says Mr Y. S. Chowdary, Minister of State for Science and Technology & Earth Sciences, Government of India.

Mumbai: Tata Motors has tied up with Microsoft for using its connected vehicle technology along with artificial intelligence (AI) capabilities to improve the in-car connected experience and compete with Google and Uber.

Mumbai: Mr Paul Stouffels, Executive Vice President, Chief Scientific Officer and Worldwide Chairman, Pharmaceuticals,  Johnson & Johnson (J&J), has stated that clinical trial norms in India have started to get harmonised with global norms, and J&J is restarting clinical trials in India with seven trials currently underway.

Research and Development India

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• Research and Development in India - An Overview

• Team India Blogs

Working with the Japan Desk at Invest India , a question I often have to field is with regard to R&D in India. The cutting-edge innovations currently taking place in the country have garnered the interest of international investors looking to leverage Indian ingenuity. This brings to the fore the need to understand the nuances of R&D and its contribution to India’s growth story. 

Research and Development (R&D/ R’n’D/ R+D) is undertaken by companies and governments to foster innovation to develop new products or services, and/or to improve the existing product lines.  R&D encompasses all activities within an organisation geared towards increasing innovation, including, developing incubators, helping innovators take their innovations to scale and fostering an innovation ecosystem within the sector.

Why Invest in R&D?

While innovation is greatly valued, there are a multitude of benefits of investing in R&D that go beyond innovation for innovation’s sake. Firstly, investing in research and development ensures high market participation by the company. Market participation refers to the ability of the company to engage with its customer base and hook their interest by offering unique products. Such research and development may even lead to the creation of new markets.

The creation of innovative products not only adds new revenue streams but also increases brand visibility. The costs associated with undertaking R&D activities can be surmounted by credibly seeking public sector grants for innovation and development. This also opens up avenues for collaboration and public-private partnerships.

Additionally, investing in R&D can result in tax relief in certain geographies including India. The Government of India has provided an impetus to investments in R&D by way of various tax incentives. These incentives are available with respect to revenue and capital expenditures incurred by entities for carrying out R&D activities in relation to their businesses, including their contributions to various institutions for carrying out scientific research. 

Types of Research and Development:

In order to further understand what research and development entails, it would help to break it down into the types of R&D.  Broadly, research and development can be categorised as follows- basic research, applied research and development research. 

Basic research:

It refers to experimental or theoretical work undertaken primarily to acquire new knowledge about the underlying foundation of varied phenomena and observable facts, without any particular application or use in view. For instance, research in pure mathematics, which may take the form of exploratory, descriptive or explanatory research can be classified under the basic R&D category. 

Applied research:

Applied research is largely the same as basic research. However, it is undertaken with a specific practical aim or objective in mind. Applied research is an approach used in diverse fields ranging from business to medicine to education and beyond. 

Development research:

While the aforementioned two forms of research and development are focused on the acquisition of new knowledge, development research takes into consideration existing knowledge and employs it towards producing new materials, products or devices, installing new processes, systems and services, or improving existing ones substantially. It is critical to differentiate between development research and engineering at this juncture. While development research results in the design and actualisation of prototypes and processes, engineering makes use of the end product(s) to produce commercial outputs.

Top Spending Industries:

Recent studies have shown that the industries/sectors that spend the most on research and development are:

Healthcare   According to an article in Healthcare Finance, the healthcare industry spent $ 782 bn on R&D in 2018 and is poised to have the highest R&D expenditure by 2020. The healthcare market in India is expected to be among the top 3 in the world by 2020 and therefore, presents a tremendous opportunity to investors within the sector. According to a study conducted by Deloitte, developments in digital health technology provide an opportune platform for enhancing R&D in healthcare. 100% of the respondents within the study outlined the importance of investing in device connectivity to enhance healthcare delivery in India.

Automotive  In 2018, the automotive industry spent $ 130 bn on R&D, marking a growth of 6-7% from 2017. Interestingly, the Indian automotive industry accounted for 40% of this global spend. A key subsector driving the investments in R&D is electric mobility. Globally, several countries including India have declared calendar goals for ensuring complete electric mobility in the manufacturing and marketing segments.

Software and IT Further, in the same year, the Software and IT Sector accounted for $ 117 bn of the research and development spend, registering a growth of 18-19% over 2017. In India, this is reflected by the fact that $ 1.6 bn is spent annually on training workforce and growing R&D. Increased R&D spend has spurred labour productivity and integration of ICT in the broader economy. The graph below depicts how India’s domestic spend on R&D has tripled over 15 years and that of China has increased by approximately 10X.

Source: National Science Board, Science and Engineering Indicators (2018), Global R&D: One Measure of Commitment to Innovation . 

Semiconductors With a 7-8% growth rate, the semiconductor subsector is among the top 5 industry spenders on R&D with an investment of $ 61 bn. The sector is characterised by rapid technological changes, which demand high levels of spending on research and development. 

Why Research and Development in India?

The starting point of this piece was the interest in Indian R&D evinced by foreign investors. The most commonly cited reason for this interest is the inherent ingenuity of research in India. However, Indians’ natural proclivity for ‘jugaad’ (problem solving using limited resources in an innovative way) aside, there have been concerted efforts to encourage investment in research. This is evidenced by the fact that patent filings by Indians have more than doubled in the last decade (see figure below).

Source: Economic Times 

For instance, India introduced a patent box in the Finance Bill (2016) similar to that of Brazil, Turkey, Singapore and other European countries. Under Indian rules, royalty income from patents developed and registered in India is taxed at a concessional 10% rate (plus applicable surcharges). The concessional rate is applied to gross income or revenue.

Over and above the policy incentives, India’s highly skilled and educated demographic provides a ready and capable workforce to engage in cerebral research. In 2016, India produced the most number of graduates worldwide with 78 million fresh graduates, of which 2.6 million were from STEM (science, technology, engineering and math). 

India’s burgeoning demographic dividend presents a billion opportunities across sectors and the perfect motivation for companies to constantly innovate, making India the global destination for research and development.

For investment opportunities in India, visit our resources section to learn more about FDI in India and Foreign Trade Policy .

• https://www.healthcarefinancenews.com/news/healthcare-will-spend-most-rd-any-industry-2020-says-pwc
• https://www.businessinsider.in/Here-are-the-industries-that-are-spending-the-most-on-RD/3-Software-Internet/slideshow/67466193.cms
• https://www.businessinsider.in/Here-are-the-industries-that-are-spending-the-most-on-RD/3-Software- Internet/slideshow/67466193.cms
• https://economictimes.indiatimes.com/news/economy/indicators/7-charts-that-show-how-india-fares-in-research-and-development/articleshow/67604780.cms
• https://economictimes.indiatimes.com/articleshow/63109240.cms?from=mdr&utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
• https://www.nsf.gov/statistics/2018/nsb20181/digest/sections/global-r-d-one-measure-of-commitment-to-innovation

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Top 20 Best Research Companies In India 2023

India is home to a thriving research industry, with numerous companies offering a range of research and development services in diverse sectors such as pharmaceuticals, biotechnology, engineering, agriculture, and more. With a highly skilled workforce, cutting-edge technology, and a conducive regulatory environment, India has emerged as a preferred destination for research and development activities for both domestic and international companies.

In 2023, the Indian research industry continues to grow, driven by the country’s rapid economic development and its focus on innovation and technology. The industry has evolved significantly over the years, with a greater emphasis on collaboration, multi-disciplinary approaches, and the application of advanced tools and techniques.

Related Posts

1. tata consultancy services (tcs) .

TCS was founded in 1968 and has since become a pioneer in the Indian IT industry. It is known for its expertise in a wide range of areas, including application development, digital services, consulting, infrastructure management , and engineering services.

TCS has a strong focus on innovation, investing heavily in research and development to stay ahead of the curve. The company has a number of specialized research labs, including the TCS Research and Innovation Lab in Bengaluru, which focuses on cutting-edge technologies like AI, robotics, and blockchain.

2. Infosys Limited

Infosys Limited is an Indian multinational IT service and consulting company headquartered in Bangalore, Karnataka, India. It was founded in 1981 by a group of engineers, including N.R. Narayana Murthy.

Infosys offers a wide range of services, including software development, maintenance, and consulting, as well as infrastructure management, engineering services, and business process outsourcing. The company has a strong focus on digital transformation and has developed expertise in areas like cloud computing, artificial intelligence, and automation.

Infosys has a diverse client base across industries such as banking and financial services, healthcare, retail, and manufacturing. 

3. Wipro Limited

Wipro Limited is an Indian multinational corporation that offers IT services, consulting, and business process services. The company is headquartered in Bengaluru, Karnataka, India, and was founded in 1945 by M.H. Hasham Premji as Western India Vegetable Products Limited. It later diversified into the IT services industry in the 1990s.

Wipro offers a wide range of services including digital strategy, business consulting, application development, and infrastructure management, as well as engineering and research and development services. The company has a workforce of over 200,000 employees, with a significant portion of its employees located outside of India.

4. HCL Technologies Limited

HCL Technologies Limited is an Indian multinational IT service and consulting company headquartered in Noida, Uttar Pradesh, India. The company was founded in 1976 by Shiv Nadar and has since become one of the leading IT services companies in India.

HCL offers a wide range of services including software development, engineering and research and development, infrastructure management, and digital process operations. 

HCL has a global presence with operations in over 50 countries, serving clients across various industries including banking and financial services, healthcare, energy, and manufacturing. The company has a workforce of over 180,000 employees, with a significant portion of its employees located outside of India.

5. Tech Mahindra Limited

Tech Mahindra Limited is an Indian multinational IT service and consulting company headquartered in Pune, Maharashtra, India. The company was founded in 1986 as a joint venture between Mahindra & Mahindra and British Telecom.

Tech Mahindra offers a wide range of services including software development, infrastructure management, consulting, and engineering services. 

Tech Mahindra has a global presence with operations in over 90 countries, serving clients across various industries including banking and financial services, healthcare, energy, and manufacturing . The company has a workforce of over 139,000 employees, with a significant portion of its employees located outside of India.

6. Cognizant Technology Solutions Corporation

Cognizant Technology Solutions Corporation is a multinational IT services and consulting company headquartered in Teaneck, New Jersey, USA, with a strong presence in India. The company was founded in 1994 as a technology development arm of Dun & Bradstreet and has since become a leading player in the IT services industry.

Cognizant offers a wide range of services including digital strategy, business consulting, application development, and infrastructure management, as well as engineering and research and development services. 

Cognizant has a global presence with operations in over 40 countries, serving clients across various industries including banking and financial services, healthcare, energy, and manufacturing. The company has a workforce of over 300,000 employees, with a significant portion of its employees located in India.

7. Accenture Solutions Private Limited

Accenture Solutions Private Limited is a multinational IT services and consulting company headquartered in Dublin, Ireland, with a significant presence in India. The company was founded in 1989 as Andersen Consulting and has since become one of the largest consulting and technology services firms in the world.

Accenture offers a wide range of services including digital strategy, business consulting, application development, and infrastructure management, as well as engineering and research and development services. 

Accenture has a global presence with operations in over 120 countries, serving clients across various industries including banking and financial services, healthcare, energy, and manufacturing. The company has a workforce of over 570,000 employees, with a significant portion of its employees located in India.

8. Capgemini Technology Services India Limited

Capgemini Technology Services India Limited is an IT services and consulting company in Paris, France, with a significant presence in India. The company was founded in 1967 and has since become one of the largest consulting and technology services firms in the world.

Capgemini offers a wide range of services including digital strategy, business consulting, application development, and infrastructure management, as well as engineering and research and development services.

Capgemini has a global presence with operations in over 50 countries, serving clients across various industries including banking and financial services, healthcare, energy, and manufacturing. The company has a workforce of over 270,000 employees, with a significant portion of its employees located in India.

9. IBM India Private Limited

IBM India Private Limited is a subsidiary of IBM Corporation, a multinational technology company headquartered in Armonk, New York, USA. IBM offers a wide range of services including cloud computing, artificial intelligence, blockchain, and cybersecurity, as well as consulting and technology services. The company has a strong focus on innovation and has made significant investments in emerging technologies.

IBM has a global presence with operations in over 170 countries, serving clients across various industries including banking and financial services, healthcare, energy, and manufacturing. The company has a workforce of over 380,000 employees worldwide, with a significant portion of its employees located in India.

10. Larsen & Toubro Infotech Limited

Larsen & Toubro Infotech Limited (LTI) is a subsidiary of Larsen & Toubro, a leading engineering and construction conglomerate in India.

LTI offers a range of services, including application development and maintenance, infrastructure management, testing, analytics, and digital solutions. The company has a strong focus on innovation and has made significant investments in emerging technologies such as artificial intelligence, blockchain, and cloud computing.

LTI has a global presence with operations in over 30 countries, serving clients across various industries, including banking and financial services, insurance, healthcare, energy, and retail. The company has a workforce of over 35,000 employees, with a significant portion of its employees located in India.

11. Mindtree Limited

Mindtree Limited is a global information technology consulting and implementation company headquartered in Bengaluru, India. Mindtree was founded in 1999 by a group of ten IT professionals, and it has since grown to become a significant player in the IT industry.

One of the unique aspects of Mindtree is its focus on customer-centricity. The company places a strong emphasis on understanding the needs of its clients and delivering customized solutions that address their specific business challenges. Mindtree has a global presence with offices in several countries, and it serves clients in various industries, including banking and finance, healthcare, retail, and manufacturing.

In recent years, Mindtree has been recognized for its excellent performance in the IT industry. The company has won several awards, including the Best Innovation in Learning Award at the World HRD Congress, the Best Agile Transformation Award at the DevOps Industry Awards, and the Best CSR Practice Award at the National CSR Summit.

12. Mphasis Limited

Mphasis Limited is an Indian IT services company that provides application development, application maintenance, business process outsourcing, infrastructure management, and digital services.

One of the unique aspects of Mphasis is its focus on providing digital services that help clients transform their businesses. The company has developed several proprietary platforms that enable clients to leverage the power of automation, artificial intelligence, and machine learning. Mphasis serves clients in various industries, including banking and finance, healthcare, retail, and manufacturing.

In recent years, Mphasis has been recognized for its excellent performance in the IT industry. The company has won several awards, including the Best IT Company of the Year Award at the National IT Excellence Awards, the Best Digital Transformation Partner Award at the CIO Choice Awards, and the Best Software Testing Company Award at the Software Testing Awards.

13. Oracle Financial Services Software Limited:

Oracle Financial Services Software Limited is a subsidiary of Oracle Corporation that provides software solutions for the banking and financial services industry. The company gives a wide range of products and services, including core banking, digital banking, risk management, and compliance. Oracle Financial Services Software Limited was founded in 1990 and has since grown to become a significant player in the banking and financial services industry.

One of the unique aspects of Oracle Financial Services Software Limited is its focus on providing software solutions that help banks and financial institutions improve their efficiency and reduce costs. The company has developed several proprietary platforms that enable clients to streamline their operations, improve their risk management capabilities, and enhance their customer experience.

In recent years, Oracle Financial Services Software Limited has been recognized for its excellent performance in the banking and financial services industry. The company has won several awards, including the Best Core Banking System Award at the Asian Banker Awards, the Best Treasury Management System Award at the Global Finance Awards, and the Best Risk Management Solution Award at the Banking Technology Awards.

14. DXC Technology India Private Limited:

DXC Technology India Private Limited is a subsidiary of DXC Technology Company that provides IT consulting and implementation services. DXC Technology India Private Limited was founded in 2017 and has since grown to become a significant player in the IT industry.

One of the unique aspects of DXC Technology India Private Limited is its focus on providing end-to-end solutions that help clients transform their businesses. The company has developed several proprietary platforms that enable clients to leverage the power of automation, artificial intelligence, and

15. LTI – Larsen & Toubro Infotech:

LTI, or Larsen & Toubro Infotech, is a global technology consulting and digital solutions company based in Mumbai, India. The company gives a wide range of services, including digital transformation, data analytics, application development and maintenance, cloud computing, and enterprise integration. LTI was founded in 1997.

One of the unique aspects of LTI is its focus on innovation and digital transformation. The company has developed several proprietary platforms and solutions that help clients improve their efficiency, enhance their customer experience, and achieve their business objectives. LTI serves clients in various industries, including banking and finance, healthcare, retail, and manufacturing.

In recent years, LTI has been recognized for its excellent performance in the IT industry. The company has won several awards, including the Best Digital Transformation Partner Award at the CIO Choice Awards, the Best Use of Technology in Financial Services Award at the National Technology Awards, and the Best IT Employer Award at the World HRD Congress.

16. NTT Data Services India Private Limited:

NTT Data Services India Private Limited is a subsidiary of NTT Data Corporation, a global IT services company based in Japan. The company provides a wide range of services, including application development and maintenance, cloud computing, data analytics, and digital transformation. NTT Data Services India Private Limited was founded in 2006 and has since grown to become a significant player in the IT industry.

One of the unique aspects of NTT Data Services India Private Limited is its focus on providing end-to-end solutions that help clients achieve their business objectives. The company has developed several proprietary platforms and solutions that enable clients to leverage the power of automation, artificial intelligence, and machine learning. NTT Data Services India Private Limited serves clients in various industries, including healthcare, banking and finance, and manufacturing.

In recent years, NTT Data Services India Private Limited has been recognized for its excellent performance in the IT industry. The company has won several awards, including the Best IT Services Provider Award at the CIO Choice Awards, the Best in Corporate Social Responsibility Award at the World HRD Congress, and the Best IT Employer Award at the National HRD Network.

17. Persistent Systems Limited:

Persistent Systems Limited is an Indian IT services company that provides software product development, digital transformation, and data analytics services. 

One of the unique aspects of Persistent Systems Limited is its focus on software product development. The company has developed several proprietary software products that enable clients to improve their efficiency, enhance their customer experience, and achieve their business objectives. Persistent Systems Limited serves clients in various industries, including healthcare, banking and finance, and manufacturing.

In recent years, Persistent Systems Limited has been recognized for its excellent performance in the IT industry. The company has won several awards, including the Best IT Services Provider Award at the Indian Digital Awards, the Best IT Employer Award at the Dataquest IT Industry Awards, and the Best Software Product Award at the NASSCOM Engineering Summit.

18. Hexaware Technologies Limited:

Hexaware Technologies Limited is an Indian IT services company that provides application development and maintenance, digital transformation, and data analytics services. 

One of the unique aspects of Hexaware Technologies Limited is its focus on providing end-to-end solutions that help clients achieve their business objectives. The company has developed several proprietary platforms and solutions that enable clients to leverage the power of automation, artificial intelligence, and machine learning. Hexaware Technologies Limited serves clients in various industries, including banking and finance, healthcare, and retail.

In recent years, Hexaware Technologies Limited has been recognized for its excellent performance in the IT industry. The company has won several awards, including the Best IT Services Provider Award at the CIO Choice Awards, the Best Digital Transformation Partner Award at the Asia Pacific ICT Awards, and the Best IT Employer Award at the Asia Pacific HRM Congress.

19. Zensar Technologies Limited:

Zensar Technologies Limited is an Indian IT services company that provides digital transformation, application development and maintenance, and data analytics services. The company has a global presence with offices in several countries, including the United States, the United Kingdom, and India. Zensar Technologies Limited was founded in 1991 and has since grown to become a significant player in the IT industry.

One of the unique aspects of Zensar Technologies Limited is its focus on innovation and digital transformation. The company has developed several proprietary platforms and solutions that help clients improve their efficiency, enhance their customer experience, and achieve their business objectives. Zensar Technologies Limited serves clients in various industries, including healthcare, banking and finance, and manufacturing.

In recent years, Zensar Technologies Limited has been recognized for its excellent performance in the IT industry. The company has won several awards, including the Best IT Services Provider Award at the CIO Choice Awards, the Best IT Employer Award at the Asia Pacific HRM Congress, and the Best Digital Transformation Partner Award at the Frost & Sullivan India ICT Awards.

20. WNS Global Services Private Limited

WNS Global Services Private Limited is a leading business process management (BPM) company based in Mumbai, India. The company provides a wide range of services, including finance and accounting, customer care, procurement, legal and research, analytics and insights, and digital transformation. WNS was founded in 1996 and has since grown to become a significant player in the BPM industry.

One of the unique aspects of WNS is its focus on delivering value to its clients. The company has developed several proprietary platforms and solutions that help clients reduce their costs, improve their efficiency, and enhance their customer experience. WNS serves clients in various industries, including banking and finance, healthcare, travel and tourism, and retail.

In conclusion, the software and IT industry in India has been thriving and continues to grow at a rapid pace. The top 20 companies in this space have demonstrated exceptional skill and expertise in delivering innovative solutions to their clients, both locally and globally. Their focus on technological advancements and dedication to customer satisfaction has helped them establish a strong reputation in the industry.

The companies on this list offer a diverse range of services, including software development, IT consulting, cybersecurity, cloud computing, and more. With their exceptional talent and dedication, these companies have not only contributed to the growth of the Indian economy but have also made significant contributions to the global technology landscape.

As we move into 2023, these top 20 software and IT services companies in India are poised to continue their remarkable growth and deliver cutting-edge solutions to their clients. Their ability to adapt to changing technology trends and their focus on innovation and excellence make them leaders in the industry, and we can expect them to continue to make significant contributions in the years to come.

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4 Indian Companies Investing Heavily in R&D to Trigger Growth

• R&D is essential for all businesses, regardless of the industry they’re in

The Covid-19 pandemic has made companies aware of at least one thing by now - adopting new technology is a must to focus on faster deliveries, reduced costs, and better user experience.

While several companies are enthusiastic about embracing new technology, some react to it differently. Just like how Charlie Munger has a contrarian view on cryptos.

To adopt to new technologies, companies are redefining strategies and allocating more towards Research and Development (R&D).

While pharma companies top the list when it comes to R&D spends, there are a few Indian companies which are making tremendous improvements to keep up with the pace.

Back in November 2021, we wrote about the 3 Indian pharma companies which are investing heavily towards R&D. In today’s article, we take a look at few other companies which are spending a significant amount of their revenues towards R&D.

These companies are winning the digital transformation battle and getting lots of things right.

#1 Tata Elxsi

Tata Elxsi is among the world’s leading providers of design and technology services across industries including auto, media, communications, and healthcare.

From Artificial Intelligence (AI), Internet of Things (IoT), big data analytics, cloud, mobility, virtual reality, driverless cars, electric vehicles (EVs), to semiconductors – it’s riding megatrends of many new-age technologies.

The Tata group company is quick enough to identify emerging technology and offers all round play on all of them.

Its major verticals have huge growth opportunities. Tata Elxsi, being a specialist vendor for top OEMs and Tier-I suppliers, enjoys significant tailwinds once it starts catering to a large addressable market.

The EV opportunity is massive for Tata Elxsi. It’s not just what goes inside the car but other things too including electronics, packaging, AI, data analytics. All of which make EVs successful.

As the company offers opportunities on new-age technologies, the post pandemic scenario has made this opportunity bigger. As Tata Elxsi focuses on high-growth sectors and emerging technology areas, its growth story remains intact.

This can be seen from its stock price performance. Even as the company is trading at expensive valuations, investors are betting big on the company’s future.

Have a look at the chart below which shows the company’s performance over the past five years.

A huge chunk of gains have come in the past one year as the pandemic made IT companies stronger.

The stellar run is due to the company’s financials over the past few years.

With its strong financials, a debt-free balance sheet, robust cash balance which is crucial in the fast-changing technology landscape, and support from Tata group, Tata Elxsi is set to create fortunes in the coming decade.

For the year ending March 2021, Tata Elxsi has spent ₹ 390 m in research & development (R&D) which accounts for 2.1% of its turnover.

#2 Hindustan Aeronautics 

Next on the list we have a monopoly stock from the defence space.

Hindustan Aeronautics (HAL) is the largest defence PSU and holds 100% dominance in aerospace and defence manufacturing.

The company is a dominant supplier of aircrafts, helicopters, engines, avionics and accessories as well as main provider of maintenance, repair and overhaul services to the Indian defence forces.

It faces limited competition from the private sector due to the high capital intensity and long gestation period for developing manufacturing capabilities in the sector.

For the year ended March 2021, HAL has incurred massive R&D expenses to the tune of ₹ 16,874 m. This accounts for around 12.4% of its turnover.

As defence products require high level skills and ample research, HAL has been increasing its R&D expenses over the years.

After years of R&D, the company won a big order in February 2021 which reversed its declining order book. At present, HAL has a robust order book of around ₹ 806.4 bn.

HAL has showcased its research, design, and development capabilities with successful development of military aircraft and helicopters such as the Ajeet, Marut, HPT-32, Kiran, and Advanced Light Helicopter. It also manufactures aircrafts under license such as the MiG-21, MiG-27, Avro, Jaguar, Dornier 228, Su-30 MKI and Hawk Mk 132 and helicopters such as the Cheetah and Chetak.

In 2020, HAL announced an ambitious project of developing a 10-12 tonne attack helicopter by 2027, touted to be India's answer to America's Apache helicopter, which is manufactured by Boeing.

To attract foreign players in buying military helicopters, HAL is also looking to set up logistics bases in Malaysia, Vietnam, Indonesia, and Sri Lanka.

With new orders and government’s Atmanirbhar Bharat program, the future looks bright for HAL.

What makes Lupin score better than other pharma companies?

While other pharma companies look at high number of product launches, Lupin focuses on few quality products where it is able to gain sufficient market size.

The company has consistently stayed ahead of the curve, be it in terms of acquisitions or R&D spends. Lupin's R&D spend has gone from 8% of net sales in fiscal 2013 to 11.5% in fiscal 2021.

The company’s R&D spends are the highest among its peers at ₹ 13,478 m. The next best in line being Dr Reddy’s Lab at ₹ 13,104 m.

It has invested over US$1 bn in R&D over the last 5 years with investments in areas of biosimilars, complex generics, long acting complex injectables, inhalation, and specialty portfolio.

With the right product mix, Lupin has been able to execute its strategy seamlessly across various geographies.

Its successful foray into the Japanese market is one such example. Japanese markets have been one of the toughest markets to crack for Indian pharma companies due to the country's strict adherence to product quality and low acceptance of generics.

The company made over 4x on its investment and exited its Japanese subsidiary Kyowa for US$300 m in 2019.

Last month, Lupin forayed into diagnostics and established a 45,000-sq-ft national reference laboratory in Navi Mumbai, Maharashtra.

For around 15 years, Lupin has continued to be a global leader in the cephalosporins (third-generation antibiotics), anti-tuberculosis (anti-TB), and cardiovascular space. To date, it remains one of the largest suppliers of anti-TB products to the World Health Organization’s (WHO) global drug facility. It’s the only company pre-qualified by WHO globally for its anti-TB APIs as well as formulations.

#4 Tejas Networks

Telecom equipment maker Tejas Networks is a global R&D-driven company headquartered in India.

It designs, develops, and manufactures high-performance optical and data networking products that are used by telecom service providers, utilities, government, and defense networks.

For fiscal 2021, the company spent 23.1% of its total turnover amounting to ₹ 1,182 m on R&D. Ever since it got listed in 2017, the R&D expenses are on the rise.

As Tejas Networks is among the earliest companies to have started making homegrown technology products in networking and optical backhaul, high level of R&D is crucial for high-speed broadband.

This is the nature of the industry. Tejas Networks needs to continuously invest in R&D to stay competitive and compete with global players, who have a more diversified portfolio.

Shares of the company are on a tear ever since Tata Sons acquire a controlling stake in Tejas to help it access 5G technology. This move will help Tejas take on the likes of Ericsson, Nokia, and Huawei in tapping capital investments.

Apart from Tata, Bharti Airtel has also chosen Tejas Networks to expand its optical network capacity in key metropolitan markets.

As the demand has increased for internet services due to pandemic and remote working scenarios across the world, Tejas Networks has emerged as a clear winner.

Renowned investor Vijay Kedia has a 1.18% stake in the company as of September 2021.

In conclusion…

While it was evident that technology would take over, what’s different this time is the pace at which it is happening - and disrupting old ways of living and doing business. Disruptive technologies as an investment theme interests a lot of people.

But here’s the thing.

When it comes to investing in such stocks, it's important to remember that numbers aren't everything.

One should look out for companies that are focused on expanding businesses in India and overseas with excellent technical and business fundamentals, minimal debt, and are available at attractive valuations.

Similarly, an investor should weigh in the benefits versus cost if the company is investing in blockchain technology, artificial intelligence (AI), or other form of technology because the initial costs can be high.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. 

This article is syndicated from Equitymaster.com

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10 Organizations Promoting Scientific Research in India

• July 16, 2019
• ENQUIRE NOW

In the Union Budget 2019, the Indian government has announced a provision for increasing the funds allocated for scientific research. With the government’s support, the R&D sector of our country is all set to witness robust growth in the coming years.

In 2017, we had moved up to the 60th position in the 10th edition of Global Innovation Index (GII) and will likely get into the list of the top 25 nations within the next 10 years.

Let’s take a look at the 10 public sector organizations that are empowering the country’s development, paving the way for great progress in the near future.

1. Indian Space Research Organization (ISRO)

ISRO is one of the top research and development organizations in India, involved in the research activities relating to space, remote sensing, vehicle launch facilities, and satellites. It has a number of centres all around the country, which includes the Vikram Sarabhai Space Centre (VSSC) at Thiruvananthapuram, Laboratory for Electro Optic Systems (LEOS) at Bangalore, and many more.2

2. Council of Scientific and Industrial Research (CSIR)

CSIR is currently the largest industrial R&D organization in the country. The organization is involved in R&D for a number of scientific fields including environment, aerospace, life sciences, petroleum, metallurgy, food as well as chemicals. Founded in 1942, CSIR currently has 39 laboratories all around the country with over 17,000 employees working in different client-oriented projects throughout the year.

3. Defence Research and Development Organization (DRDO)

DRDO is the premier organization in India concerned with research and development in defence systems and military technology. Headquartered in New Delhi, it works in a variety of areas related to defence in its 52 laboratories across the country. These areas include aeronautics and avionics, electronic warfare, combat vehicle engineering, naval development, missile systems.

4. Indian Council of Medical Research (ICMR)

ICMR is one of the best research and development organizations in India for promoting research in the field of medicine. Based in New Delhi, the organization is responsible for the funding and overseeing of the scientific and medical research being undertaken in various medical institutions in the country. The fields that are encouraged by ICMR include reproductive and child health, non-communicable diseases, epidemiology, stem cell research, and human genetics.

5. Bhabha Atomic Research Centre (BARC)

BARC is the premier research and development organization in India concerned with research in various fields including nuclear science, chemical technology, environment, biotechnology, electronics and instrumentation, health, physical sciences and material sciences. The organization works under the Department of Atomic Energy and its primary focus is on nuclear research and development.

6. Indian Council of Agricultural Research (ICAR)

The ICAR is a major body that coordinates, guides, and manages research and education in the field of agriculture (also including the fields of horticulture, fisheries and animal sciences) in the nation. There are 100+ ICAR institutes and 70+ Universities focused on agriculture in the country, making it one of the largest agriculture systems in the world. The ICAR has played a pioneering role in ushering Green Revolution and prolific development of agriculture in India through research and technology development. It has enabled the country to increase the production of food grains, crops, and milk to name a few by double digits in the last 4 decades.

7. Tata Institute of Fundamental Research (TIFR)

Mumbai-headquartered Tata Institute of Fundamental Research (TIFR) was founded in 1945 by Homi J. Bhabha with support from J.R.D. Tata. It works under the Department of Atomic Energy and conducts research in the areas of physics, chemistry, biology, mathematics, computer science and science education. As a university, it has its different fields of research spread out between different institutes. Its multiple facilities are supported by advanced kinds of equipment including a particle accelerator.

8. National Innovation Foundation (NIF)

National Innovation Foundation (NIF) was founded in 2000 in Gujarat to provide institutional support towards inspiring and sustaining grassroots innovations across the country. The organisation scouts for green solutions created by farmers, artisans and so on, that have been created without any professional help and aids their growth. Till date, NIF has been able to find and document more than 310,000 examples of technological ideas, innovations and practices. To give a perspective, some of these include herbal medicines being used in tribal areas, improved crop varieties, locally developed tools etc.

9. National Research Development Corporation (NRDC)

The National Research Development Corporation (NRDC) comes under the purview of the Department of Scientific and Industrial Research (DSIR). It was established in 1953 by the Government of India to promote, develop and commercialise the technologies, know-how, inventions, patents and so on, being developed in different institutions in the country. It undertakes projects at national and international levels to promote scientific and technological innovations.

10. National Institute of Biomedical Genomics (NIBMG)

Based in the state of West Bengal, National Institute of Biomedical Genomics (NIBMG) is India’s first research institute dedicated to research in genomic medicine. It was founded in 2009 under the Department of Biotechnology. The institute has done some cutting-edge work in the field of Biomedical Genomics in the last decade. This includes the global record-breaking sequencing data generation in a single experiment in a short period of time.

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Research & Technology Development

At Reliance, the R&D division is among the best-equipped labs in the country. Spread over an area of 300,000 square feet including 120,000 square feet of laboratory space, we are actively involved in the development of novel and proprietary catalysts, processes and products to accelerate our business, while also contributing to the country’s “Make in India” initiatives and sustainability efforts.

1,212 Total patents granted to RIL and Jio as of March 31, 2023

Select r&d projects.

Powering a Clean Planet

Our algae to biocrude and biochemicals effort aims at establishing a green platform that harnesses natural resources, such as freely available sunlight, sea water, carbon dioxide and low cost nutrients (nitrogen, phosphorus) to produce abundant quantities of biomass that can be converted to biocrude and biochemicals. Research efforts on algae are focused on physiology, biochemistry, molecular biology, genomics, and development of process technologies for algae cultivation, harvesting, and water management as well as processing technologies for converting biomass to biocrude and biochemicals.

Reliance has achieved significant technical breakthroughs in improving photosynthesis efficiency and developing best-in-the-world genetic engineering capabilities and proprietary catalytic hydrothermal liquefaction (HTL) technology for converting wet biomass to biofuel, as well as recovering water and nutrients. These capabilities will lead Reliance towards developing new business opportunities in synthetic biology, such as next-generation agriculture, nutritional food and feed, genomics, and healthcare.

Waste to Wealth

Reliance has developed a catalytic hydrothermal liquefaction (RCAT-HTL) process, which converts any biomass and organic waste into “drop-in” energy-dense renewable crude. The process is feed flexible – it can process dry as well as wet waste. There is no need to dry the wet waste. The process recovers water as well as nutrients. Reliance has also developed some of the world’s most innovative algae cultivation systems. The company is exploring multidisciplinary biology and engineering streams to create a safe and sustainable source of biofuels, biochemicals, and nutritional products as food and feed.

Algal bio-crude will help reduce India’s dependence on energy import and also fortify our rural economy by creating a large number of jobs.

Making Carbon Dioxide an Asset

Reliance considers carbon dioxide an asset, not a liability. In pursuit of a sustainable and low-emission future, Reliance has developed a technology called Energy Integrated Circulating Fluidized Bed Process for CO 2 capture. This is an adsorption-based process that follows carbonate-bicarbonate chemistry.

RIL is currently engaged with converting CO 2  into environmentally benign, organic carbonate using the non-reductive route. Reliance is converting CO 2 , along with other co-reactants such as H 2 S and H 2 , into chemical products that are industrially useful at significant scale, using the reductive route.

The in-house energy integrated capture process has the following excellent attributes:

• Improved adsorbent system with good mechanical strength and high adsorption capacity
• Circulating fluidized bed reactor system
• Lower temperature differential between adsorption-desorption step
• Recovery and utilization of flue gas heat to compensate partial heat demand
• Heat pump concept for upgradation of low quality waste heat for adsorbent regeneration
• Less than one half total energy as compared to conventional monoethanolamine absorption process etc.

Making Manufacturing Safer for People and the Planet

Reliance’s Aluminium chloride (AlCl 3 ) based ionic liquid catalysts are fifty times less expensive than competitive ionic liquid products. These catalysts are more benign, reusable, recyclable, and they can be made at scale. They are highly effective replacements for toxic hazardous acids such as hydrofluoric acid or sulfuric acid (H 2 SO 4 ). Reliance is developing a breakthrough safer and environmentally-friendly process for manufacturing linear alkyl benzenes using these ionic liquid catalysts. This platform technology has the potential to lead Reliance to many other breakthrough processes.

Improving Solar Cell Efficiency

Reliance, REC, and Caelux are jointly working together to industrialize perovskite-silicon tandem solar technology. As the silicon solar cell technology approaches its theoretical efficiency limit (the Shockley-Queisser limit), there is a need for continuous efficiency improvements.  These efficiency improvements are among the major drivers of cost reduction for clean electricity.  The efficiency barrier of silicon solar cells can be overcome by using two or more solar cells in tandem. Perovskite materials offer an attractive proposition for the second solar cell in addition to the first silicon solar cell. Reliance, REC (a wholly-owned subsidiary of Reliance), and Caelux are bringing their respective know-hows to a common collaborative platform to accelerate the development of perovskite-silicon tandem solar technology, thus helping drive efficiencies and cost reduction to clean energy.

Maximising Value from Crude Refining

Reliance has developed multi-zone catalytic cracking (MCC) technology. In this thermo-neutral process, a wide range of feedstock is converted to high-value propylene and ethylene in a single riser using novel cracking catalysts in combination with multi-feed injections at various points on the riser. This is done in a sequential manner depending on feedstock crackability. MCC includes proprietary reactor design, catalyst formulation (at least 3 components) and process integration to maximize petrochemicals from crude and low value refinery hydrocarbon streams. Its petrochemicals yields are >70% with no liquid fuel.

The process patent has already been granted in India, USA, Singapore, Australia, China, Canada, Japan, and South Korea.

Our path-breaking Enhanced Propylene Recovery (EPR) technology enhances the recovery of propylene and LPG from FCC Fuel gas to more than 99 mole %. This technology has been granted patents in India and the USA. With the many new FCC units being planned across regions including India, China and the Middle East (West Asia), deployment of this technology will help enhance the recovery of high value propylene and LPG from low-value fuel gas. EPR technology is being considered for worldwide licensing. Another path-breaking technology developed in FCC is olefinic feed co-cracking (OFC2). This allows to upgrade low-value olefinic naphtha (for example, coker naphtha) to high-value propylene and gasoline in existing FCC in co-cracking mode with VGO feed. The patents filed for this technology have been granted in India, USA and Europe (Spain, Germany, UK and France). This technology is also being implemented at a commercial level.

Reliance Maximum Propylene (RMP-5) ZSM-5 additive is a novel product which incorporates innovations for improved activity and stability of additives for fluid catalytic cracking applications. Our R&D teams overcame the major challenges of developing a new product to improve the ZSM-5 activity and stability while maintaining sufficient mechanical strength at lower costs. The RMP-5 technology maximizes propylene yield compared to the best commercial alternative. The technology has won patents in India, the US and the EU.

High Performance Game-changing Materials

Reliance has developed biodegradable polymers for packaging applications. These biodegradable polymers are at par with conventional packaging polymers and will reduce plastic waste generation, thus helping curb adverse environmental impact.

Reliance Disentangled Polyethylene (DPE) is an ultra-high molecular weight polyethylene synthesized with significantly high crystallinity compared to conventional polyethylene.  The high polymer crystallinity is made possible by a new, proprietary, single-site catalyst that produces polymer chains in a highly regular fashion.

DPE exhibits superior processing characteristics such as increased flow, lower power consumption and higher stretchability compared to conventional polyethylene. The product also exhibits improved mechanical strength. When used in high strength fibre applications, DPE fibres show strength superior to poly-aramid at lower specific gravity and lower cost.  High strength DPE fibres have application in fields including automotive composites, and defence, as well as aerospace applications.

RIL is developing a high-performance polypropylene for specialty applications. The product provides superior impact strength, tensile properties, wear resistance and chemical resistance. This novel product and its blends can be used in numerous applications such as ballistic protection fabrics, micro porous foams, composites for telecom, automobile and construction industry, and consumer goods.

Linear low-density polyethylene remains dominant in the packaging industry for film and sheet applications. This segment is growing at a faster pace than conventional polyethylene. Drivers of growth include processing and performance advantages such as enhanced puncture and impact resistance, improved sealing capabilities, and higher clarity compared to conventional thermoplastics. Reliance aspires to be one of the leading players in this segment and is working on developing these grades in its gas phase polyethylene plants. 

Reliance R&D has developed a novel elastomer that will help reduce vehicular pollution. This carbon-free composite of developed novel elastomer shows superior rolling resistance, abrasion resistance, and better skid resistance with superior processability. As a result, car tyres will consume less fuel, leading to reduced emissions.

Next-generation Catalyst Technologies

Reliance has developed First Generation RELCAT™10X for homo, random and ICP grades of the gas-phase polymerization process. This was followed by a further improvement in product performance and operational efficiency by commercialising our proprietary 2 nd Gen RELCAT™10X/RELD™ and 3 rd Gen morphological RELCAT™100Y/RELD™ Catalyst technologies.

Current commercialization efforts are in progress to shift to 4 th generation shape- and size-controlled RELCAT™200Y/RELD™ and RELCAT™300Y/RELD™ technologies for high-performance polypropylene grades.

Reliance polypropylene catalyst technologies are successfully commercialised by the morphologically-controlled proprietary RELS™ catalyst precursor technology.

Reliance has also developed:

• In-house high-performance transition metal catalyst technology for Linear Low-Density Polyethylene (LLDPE) manufacturing
• Regenerable, eco-friendly, cost-competitive catalyst for olefins removal from aromatic hydrocarbon streams
• A super-selective catalyst and unique process for producing Para-diethyl benzene (PDEB) using a non-conventional feed (by-product from naphtha cracker unit). Reliance has also scaled-up and commercialized this catalyst.
• First-of-a-kind, optimized, high-performance catalyst for Continuous Catalytic Regeneration (CCR) process. The catalyst enhances stability and increases C5+ and aromatic yields.
• In-house homogeneous catalyst and process for the selective trimerization of ethylene to Hexene-1 with high purity (>99+%).

Innovating Solar Cell Manufacturing Technology

Reliance and NexWafe are working towards manufacturing thinner silicon wafers with a lower carbon footprint. Traditional crystalline silicon wafers are extremely energy intensive and result in 30% loss of material (kerf loss) during the manufacturing process. Reliance’s innovative heterojunction (HJT) solar cell technology performs better with thinner wafers approaching 100 microns. NexWafe has pioneered a novel and direct method of manufacturing thin kerf-less wafers at 50% less energy consumption compared to standard wafers available today.

Syngas Value Maximization

Reliance produces syngas from the coal gasification units at Jamnagar. Besides being used as energy feedstock, additional valorisation of syngas is possible by converting it to chemicals / biochemicals via chemistry and fermentation. Using synthetic biology approaches, Reliance has designed novel biochemical pathways to produce various chemicals in syngas utilising bacteria. Novel state-of-the art capabilities have been built in the metabolic engineering area. Reliance is also developing various catalysts and processes to convert syngas into value-added products using the chemical route.

Synthetic Biology

Global lifestyle changes have triggered demand for sustainable and eco-friendly materials and ingredients. Reliance’s capabilities in algal technology and Synthetic Biology have tremendous potential to address this demand by developing bio-processes for next-generation biomaterials, biochemicals, and biopolymers. These materials can be produced in the least detrimental way and may in fact help reverse greenhouse gas emissions in the future. Novel biomaterials, such as nanocellulose, non-animal leather, and spider silk and their composites have the potential to meet the vast needs of the biomedical, wound-care and personal care markets.

Sustainable Food & Feed Ingredients

Algal biomass is a rich source of small molecules and polymers with potential in food and feed applications. Algal protein production is 30 times higher than any other conventional crop, making it the best source of essential amino acids compared to conventionally available protein. Reliance R&D has developed the most productive, robust and scalable year-round algal cultivation and downstream technologies, through which we aim to offer the best sustainable algal alternatives for conventional food and feed ingredients.

Research that Advances Care

In 2020, our R&D team worked tirelessly to strengthen India’s battle against the coronavirus pandemic.

• During the COVID-19 pandemic, our Life Sciences division successfully developed two novel and cost-effective diagnostic kits: ‘R-Green’ and ‘R-Green Pro’ for COVID-19 detection, which received ICMR approval.
• We also submitted a proposal for the application of Niclosamide as a potential drug against COVID-19 and also designed a process to produce sanitisers aligned with WHO specifications at 20% of market cost.
• Addressing the urgent need for medical grade oxygen across the country, our engineers worked on a design for oxygen generators capable of producing 5-7 litres of oxygen per minute, with a medical grade purity of 90-95%.
• We deployed a concept developed in Italy that enables CPAP machines with a 3D-printed charlotte valve and special snorkelling mask to meet the demand for ventilators across hospitals in India.

R&D Centres and Focus Areas

Our R&D centres focus on catalysis, chemistry, process engineering, modelling, simulation, applied physics, material science, synthetic biology, biotechnology, downstream polymer processing, reaction engineering, advanced analytical sciences and product applications.

In the near future, we will significantly increase the ability to explore technology options and reducing technology development time cycles.

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List of Contract Research Organizations in India

Featured cros.

Innovate Research

Innovate Research stands as a leading Contract Research Organization (CRO) dedicated to providing comprehensive services in the dynamic field of clinical research, established in January 2014 With a strategic presence across the globe, our offices ar...

ProRelix Research

Since 2014 ProRelix Research has been supporting our clients with outstanding clinical research services. The successful growth of ProRelix Research has been achieved by putting high quality and client focus at the heart of everything we do.We levera...

Celero provides optimal returns to innovative biotechs & pharmaceutical companies by addressing unmet needs, accelerating clinical development and commercialising innovative healthcare products.Trial mismanagement is the main reason why 85%-90% o...

ACROSS Global in India

E-mail:   [email protected]

Web:   www.across.global

SIRO Clinpharm

Address: Kalpataru Prime, 1st Floor, Unit nos. 3 and 4, Plot no D-3, Road no 16, Wagle Industrial Estate, Thane (West) – 400 604, Maharashtra

Phone:   +912261088000

Local, small- and mid-size Contract Research Organizations in India

Aagami, Inc. is a life sciences consulting firm based in the suburbs of Chicago which offers, Strategic Consulting Services Business Development support in regions where you are unable to reach out due to bandwidth Technology Licensing Se... View full profile

• United States

Abiogenesis Clinpharm has been helping pharmaceutical companies transform their ideas and concepts into successful products. We are a highly focused team of professionals who understand how to prepare, manage and conduct clinical trials. Our core act... View full profile

Accelsiors is a scientifically-driven CRO committed to serving the needs of its Sponsors with the highest level of quality. We provide a full array of services and pride ourselves on having ready access to treatment naive patient populations. From co... View full profile

Accutest is a global independent and internationally accredited Contract Research Organisation (“CRO”) founded in 1998. We are offering services to customers around the world with operations in India, across Asia, and in Brazil. Accutest is the marke... View full profile

Actimus Biosciences as a knowledge based CRO, was established in the year 2005. The facilities are located in Visakhapatnam, Andhra Pradesh, India. We pride ourselves by providing most reliable and quality services to pharmaceutical companies in thei... View full profile

APCER Life Sciences is committed to improving health in partnership with its clients. We bring together safety, medical, regulatory, and technology resources to ensure that patients receive the safest, most effective therapies possible. To achieve th... View full profile

• United Kingdom

Asiatic Clinical Research is a full service clinical research organization (CRO) headquartered in Bangalore, India. We focus on Phase II - IV clinical trial support to pharmaceutical, biotechnology and medical device companies. Our strength is in str... View full profile

Astron Research Limited, a leading IP oriented pharma contract research organization, is a fast growing Pharma Contract Research Organisation (CRO) with a strong quest to deliver best services to the rapidly growing Healthcare industry and has embark... View full profile

AXIS is an efficient, metric based clinical research provider with a global footprint of operations. Our mandate recognizes the need within the medical research community for quality clinical services backed by experience, ICH/GCP training, protocol... View full profile

Started in 2005 Bioaxis DNA Research Centre (BDRC) private limited is a top level CRO in life sciences with a vast range of services in Biotechnology, Bioinformatics, Forensic Science and Clinical Research. BDRC is one of the most trusted DNA Testing... View full profile

Catalyst Clinical Services Pvt. Ltd. is a Contract Research Organization that acts as a strategic partner to the healthcare organizations (Pharma/Biotech companies, Research and Academic Institutions) making them winner by building on their core comp... View full profile

At Clinexa, we are in a constant pursuit to identify the best ways to pass value to our clients. We challenge ourselves and our stakeholders to create new and innovative models that take into consideration the needs of today’s clinical development ne... View full profile

CSSi was founded in 2005 as Clinical Site Services to serve individual sites with their patient recruitment needs, later expanding into a major global centralized patient recruitment company. A leader in the industry, CSSi delivers strategic patient... View full profile

CliniExperts Research Services a prominent Indian CRO with a decade of experience, leads in clinical research. Our expertise spans clinical trials, biometrics, and regulatory approvals, with a focus on drugs, Medica Devices, IVDs, Biologicals, and va... View full profile

Cliniminds was established in year 2004, by a group of professionals from Clinical Research, Pharmaceutical industry and Healthcare industry with rich and varied experience at senior management levels. Cliniminds offers Educational & Training Pro... View full profile

CliniRx is a full service mid-size CRO that provides comprehensive end- to- end solutions for clinical studies. CliniRx’s services include Phase II –III and late Phase (Phase IV) across numerous therapeutic areas and specialties.These specialty areas... View full profile

D2L Pharma Research Solutions is a leading force in opinion leader engagement. Established in the year 2007, D2L ‘Discovery to Launch’ has been at the forefront of providing exemplary service to the pharmaceutical, biotechnology, and medical communic... View full profile

DIL Ltd. (earlier known as Duphar-Interfran Ltd.) is a well-respected public listed company. It has built a stellar reputation for itself in the arenas of pharmaceuticals, biotechnology, environmental solutions and other segments including Entertainm... View full profile

Dishman is the global outsourcing partner for the pharmaceutical industry offering a portfolio of development, scale-up and manufacturing services. The products and services offered span customers’ needs from chemical development to commercial manufa... View full profile

Divi’s has been established for more than 29 years in Hyderabad, India with two manufacturing units and is among the top pharmaceuticals companies in India. Divi’s is recognized as a ‘Reliable Supplier of generic APIs (Active pharmaceuticals ingredi... View full profile

Dabur Research Foundation (DRF) is an Indian Contract Research Organization offering pre-clinical services in Drug Discovery and Development, ranging from identification of potential lead molecules, drug development to IND enabling studies. We offer... View full profile

endpoint is the destination for people who are passionate about delivering the most innovative and high-quality IRT solutions for clinical trials. We find purpose through hard work and a commitment to excellence, resulting in a competitive advantage... View full profile

Eurofins Advinus is a R&D services company that supports the discovery and development of compounds for diverse industries including Pharmaceuticals, Biologicals, Agrochemicals, Nutraceuticals and Cosmetics. Eurofins Advinus is part of Eurofins S... View full profile

Global Drug Development (GDD) Experts is the Site Management Organization (SMO) of choice in India. GDD is a US-based company, and brings global expertise in quality assurance and patient enrollment to the Indian SMO market. Unmatched in therapeutic... View full profile

GVK BIO, a leading Contract Research & Development Organization – CRDO that services the global Biopharma industry; is headquartered in Hyderabad, India with operations in four sites including California, USA. Established in 2001, GVK BIO has ove... View full profile

• Netherlands

HaleUS provides services to help life science and pharmaceutical companies with a vision of Scientific expedition toward better cure. We are providing end to end services in Clinical Trial; starting from Medical writing to regulatory approval. Our te... View full profile

Hi Tech BioSciences India Ltd. is a prominent supplier of high end products and research based solutions in the arena of nutraceuticals and biocatalysis. Founded by Dr. Raghavendra Gaikaiwari in 2007, Hi Tech BioSciences has in a short period of time... View full profile

Founded in 1995, Indus Biotech is a pioneer in deriving science based dietary ingredients from food chain raw materials through revolutionary patented technology. Our products are subjected to the highest levels of scientific rigour. We understand th... View full profile

Infoclin LLP (A research management company) Introduction Infoclin LLP is a clinical research management company, based at Kolkata, India & business development center in Mumbai, India. Initially it was set up as site Network Company in the name... View full profile

Innovate Research stands as a leading Contract Research Organization (CRO) dedicated to providing comprehensive services in the dynamic field of clinical research, established in January 2014 With a strategic presence across the globe, our offices ar... View full profile

• United Arab Emirates

The International Pharma Trials group is committed to the highest standards of clinical excellence and scientific expertise. View full profile

A Contract Research Organization (CRO), INTOX performs a wide range of studies, including Toxicological, Mutagenicity, Ecotoxicological and Chemical, for Pharmaceutical, Crop Protection / Agrochemical, Biotechnological, Chemical and Medical devices i... View full profile

InrexTest facilitates and coordinates pharmaceutical and medical device studies through our team of internal experts coupled with top quality labs supporting preclinical and clinical testing at every stage of development. At InrexTest, we understand... View full profile

JRF Global offers comprehensive non clinical GLP research services for regulatory submissions, worldwide. We offer fast, transparent, cost-effective, and hassle-free services in Toxicology, Eco-toxicology, Chemistry, Environmental Fate and Metabolism... View full profile

JSS Medical Research is a full-service CRO built on a foundation of epidemiological and scientific expertise, with a strong network of academic affiliations and over 30 years of experience in multiple therapeutic areas. We are an international Canad... View full profile

Kemwell is a contract biologics development and CMO company providing services to global biopharmaceutical organizations. Kemwell facilities, located in Bangalore, India, are designed and developed with technological support from a leading German pha... View full profile

KPS Clinical Services Pvt. Ltd. is set up by Shri Ratiram ji Group with an aim to become one of the India's leading Contract Research Organization (CRO). Our commitment is to improve the quality of human life & to provide world-class clinical res... View full profile

Labnetworx is a consulting company that operates at the interface of Healthcare, Life Sciences, Pharmaceuticals and Information Technology. We offer our customers solutions designed to meet the needs of today and tomorrow.... View full profile

We, Lambda Therapeutic Research Limited are a leading global Clinical Research Organization (CRO) headquartered in Ahmedabad – India, with facilities and operations in Mehsana (India), Warsaw (Poland), London (UK), Pittsburgh (USA), Las Vegas (USA) a... View full profile

Laxai Life Sciences Pvt. Ltd. was established in the year 2007, with a vision to accelerate the discovery chemistry campaign of global pharmaceutical companies, by supporting the high quality intended compounds in reduced pricing and timeline. With t... View full profile

Max India, a part of the leading Indian conglomerate Max Group, has a presence in the senior living and healthcare industry. It is the holding company of Antara Senior Living and an equal joint venture partner with a 49.7% in Max Healthcare along wit... View full profile

Maya Clinicals is a Northern California CRO with an extensive network of sites, MD’s, and specialists in India. We are focused on working with Bio-Pharma start-ups and Pharma companies in a unique and flexible co-development model to accelerate drug... View full profile

We are one of the leading diagnostics companies in India, by revenue, as of March 31, 2018 (Source: Frost & Sullivan). We have widespread presence across 18 states in India, as of March 31, 2018, with leadership position in west and south India (... View full profile

MMS is a place where years of proven success have guided sponsors through their data services and regulatory submissions goals. When MMS takes on a project, colleagues become ingrained in that sponsor – taking on a greater level of care and guiding t... View full profile

In today’s increasingly complex clinical development environment, life sciences companies are faced with pressures from regulators, payers, and the public to manage clinical trials that are safe, cost-effective, and informed by big data and technolog... View full profile

“Ocimum Biosolution” is a comprehensive Integrated Life Science Informatics solutions provider with service offerings that span Sample and Data Management (LIMS, Biologics Data Management), Genomics Data Analysis Services such as Gene Expression, Gen... View full profile

Navigating the CRO landscape can be difficult for biotech companies that vastly rely on outsourcing as the differentiation between CROs seems marginal and confusing at times. Orphan Reach is different: We are a boutique service provider solely focuse... View full profile

Pharmaffiliates Analytics and Synthetics P. Ltd., a Research Based Organization is a gigantic name in the global market, which offers services to Pharmaceutical industry, Biotechnology industry, API manufacturers, Bulk drug suppliers, clinical CROs,... View full profile

Premas Biotech is an emerging trendsetter in next generation protein expression and process development for scale up. With over 13 years of experience and a world-class team of scientists, we enable customers steer therapeutic development in a quicke... View full profile

Since 2014 ProRelix Research has been supporting our clients with outstanding clinical research services. The successful growth of ProRelix Research has been achieved by putting high quality and client focus at the heart of everything we do.We levera... View full profile

Originally founded in Basel, Switzerland in 1977, RCC has grown into one of Europe’s largest pre-clinical research providers by developing services that meets the needs of worldwide clients. RCC Laboratories India was established in November 2005 and... View full profile

Reliance Life Sciences is a research-driven organization developing business opportunities in bio-therapeutics (plasma proteins, biosimilars and novel proteins), pharmaceuticals (later-generation, oncology generics), clinical research services, regen... View full profile

Sai Life Sciences delivers advanced Discovery, Contract Development and Manufacturing Solutions, through a broad suite of expert capabilities across the molecular lifecycle.We are an ideal drug discovery, development and manufacturing partner. Our ph... View full profile

ScientiaBio, a young and energetic Indian CRO (established in March 2010), with a global client base, is a dominant player in the Phama Emerging Nations. We provide precise and targeted solutions to different areas of pharmaceutical development prima... View full profile

Spectrum Clinical Research is an one-of-its-kind patient-focused drug development organization. Our aim is to provide quality clinical research support to pharmaceutical companies and Contract Research Organizations in order to facilitate the develop... View full profile

Strand offers clinical research and development services to pharmaceutical and biotechnology companies in the areas of clinical trial management, biomarker discovery, and validation. Led by a team of specialist oncopathologists, molecular biologists,... View full profile

Incorporated in 1990, Strides Pharma Science Limited is a global pharmaceutical company headquartered in Bangalore, India. The Company has two business verticals, viz., Regulated Markets and Emerging Markets. Strides has a global manufacturing footpr... View full profile

SyMetric (a brand owned by Achiral Systems Private Limited) is the brainchild of a group of highly-skilled professionals with in-depth exposure to the IT Software and Clinical Research Industries. With more than 120 person years of combined relevant... View full profile

Established in 2008 by Pharma industry experts Technology driven organization with a flexible approach. Founded by scientists with proven industrial track record. Expertise in Process Research/Development and scale-up (non-GMP and cGMP). Research... View full profile

Synchron was started by a group of pharmaceutical professionals in 1998. Today Synchron is a leading Contract Research Organization in India providing broad range of clinical research services from phase I to phase IV, including : Bioavailability... View full profile

TCG Lifesciences Private Limited (formerly “Chembiotek Research International”) is a leading Contract Research and Manufacturing Services (“CRAMS”) company in the area of early drug discovery and development. We started our operations in the year 200... View full profile

Whether in the race of bringing that best-in-class treatment to patients or conducting post-marketing research to generate real-world evidence, you can count on Tech Observer to reach the goal. We can help in clinical operations, data management, sta... View full profile

The Sanmar Group has come a long way since its first international foray back in the 1970s. Since then, the Group has set the benchmark for global partnerships in a range of industry segments. These are partnerships based on trust, transparency and r... View full profile

Incorporated in 1996, SIRO Clinpharm Private Limited is a Clinical Research Organisation supporting trials from Phase II to Phase IV and beyond post-launch of products. SIRO offers a range of services, from clinical operations to data services, data... View full profile

Vedic Lifesciences has been helping food supplement and ingredient companies substantiate health claims for North America, Europe and Asia for the last two decades. As a contract research organization (CRO), we have completed more than 400 clinical a... View full profile

Veeda Clinical Research Pvt. Ltd. derives its name from the Sanskrit word 'Veda', meaning knowledge or wisdom. The name represents our firm belief in scientific knowledge and technical expertise to provide quality solutions. We are innovators with a... View full profile

VIMTA was established in 1984 and is a company driven by its vision and enduring strength. VIMTA’s business landscape includes analytical, clinical, preclinical services to life sciences industries; quality and safety testing for food and beverage in... View full profile

Vivo Bio Tech is a full service CRO offering drug development & discovery services to pharmaceutical & biotech companies world-wide in accordance with OECD - GLP, AAALAC & IND guidelines. The company offers services in the areas of In viv... View full profile

Zenovel is a highly reputed, credible, and reliable partner for GxP (GCP/GMP/GLP) Services, Regulatory Affairs and Pharmacovigilance Services.Zenovel has been a partner of choice for many global pharma companies for their different outsourcing need i... View full profile

Global Contract Research Organizations in India

Since 1975, ACM Global Laboratories has been a recognized leader in both medical diagnostic and global clinical trial testing services. With wholly owned facilities in New York, England, Shanghai China, Mumbai India and Singapore, we operate in more... View full profile

ACROSS Global is a unique, full-service, comprehensive alliance of qualified CROs and Specialist Service Providers dedicated to providing a professional, cost-effective, focused, and seamless service to the pharmaceutical, biopharma and medical devic... View full profile

• Bosnia & Herzegovina
• Congo, DR of
• Philippines
• Saudi Arabia
• South Africa
• South Korea
• Switzerland

BioReliance provides testing and manufacturing services to pharmaceutical and biopharmaceutical companies that span the product cycle from early pre-clinical development to licensed production. Our goal is to advance the development and delivery of h... View full profile

A global, full-service contract research organization. We take your trials personally. dMed Global, a full-service Clinical Contract Research Organization (CRO) based in Shanghai, China and Clinipace Incorporated, a full-service Clinical CRO with hea... View full profile

• Czech Republic

Celero provides optimal returns to innovative biotechs & pharmaceutical companies by addressing unmet needs, accelerating clinical development and commercialising innovative healthcare products.Trial mismanagement is the main reason why 85%-90% o... View full profile

At Charles River, we are passionate about our role in improving the quality of people’s lives. Our mission, our excellent science and our strong sense of purpose guides us in all that we do, and we approach each day with the knowledge that our work h... View full profile

As a provider of comprehensive Phase I through IV clinical trial management, clinical pharmacology, patient access solutions and other enabling services, Fortrea partners with emerging and large biopharma and medical device and diagnostic companies t... View full profile

• New Zealand

FMD K&L is a global contract research organization supporting data management, biostatistics, statistical programming, clinical operations, regulatory affairs, safety, pharmacovigilance, toxicology, medical affairs, medical writing, quality, risk... View full profile

Global Clinical Trials, LLC is a full-service CRO with offices and operations in the United States, Europe and Asia. Our professional staff have been sharing their unique experience and utilizing established contacts with the key opinion leaders (KOL... View full profile

Since our foundation in Dublin, Ireland in 1990, our mission has been to help our clients to accelerate the development of drugs and devices that save lives and improve quality of life. We are a global provider of consulting, and outsourced developme... View full profile

IMS Health and Quintiles are now IQVIA, a world leader in using data, technology, advanced analytics and expertise to help customers drive healthcare - and human health - forward. Together with the companies we serve, we are enabling a more modern, m... View full profile

MakroCare is expert strategic development and commercialization global partner for pharmaceutical, biotechnology and medical device industries. Our experience, programs and processes bring a new dimension to development strategy, regulatory/risk plan... View full profile

Medidee’s CRO (Clinical Research Organisation) services are backed up by decades of experience in the fields of medical device engineering, quality and regulatory affairs. This unique combination of all relevant competences supports all aspects of yo... View full profile

Our unique global partnering philosophy emphasizes an uncompromising commitment to clinical research and to the highest level of ethical standards and performance in our jobs. We are selective about the projects we engage in because we are devoted to... View full profile

Headquartered in Australia and focused exclusively on the Asia Pacific, Novotech is internationally recognized as a leading regional full-service CRO. With the increasing pace of globalization in drug development, Novotech’s expertise in the vibrant... View full profile

For over 35 years, PAREXEL has proven to be a trusted partner for the complex development journey required of biopharmaceutical and medical device companies. We’re also an astute guide, able to simplify that journey for our clients, so safe new produ... View full profile

PPD is a leading global contract research organization providing comprehensive, integrated drug development, laboratory and lifecycle management services. Our clients and partners include pharmaceutical, biotechnology, medical device, academic and go... View full profile

ProPharma Group partners with life science companies to solve their complex challenges. As an extension of your team, we care about not only the progression of your products through the development lifecycle, but also the safety of your products and... View full profile

Our mission is to be the best CRO in the world as measured by our employees, clients, investigators, and vendors. Our teams work tirelessly to ensure that we deliver on time and on budget. You will always know what's going on with your study when you... View full profile

QPS was founded in 1995. Today, the company is considered one of the top CROs in the world. QPS is a GLP/GCP-compliant contract research organization (CRO) supporting discovery, preclinical and clinical drug development. QPS provides quality services... View full profile

Quanticate is a leading global data-focused Clinical Research Organization (CRO) which may also be known as a 'Biometric CRO'. Quanticate is primarily focused on the management, analysis and reporting of data from clinical trials and post-marketing s... View full profile

We are the world’s leading provider of diagnostic testing, information and services that patients and doctors need to make better healthcare decisions. Our services range from routine blood tests — such as total cholesterol, Pap testing and white blo... View full profile

Life sciences services from SGS – optimize your development timelines to get medicines and medical devices to market quickly and safely. There is no other area of business that is more heavily regulated than the development, testing and distribution... View full profile

• Burkina Faso
• Cote d'Ivoire
• Dominican Republic
• El Salvador
• Equatorial Guinea
• Papua New Guinea
• Saint Lucia
• Trinidad & Tobago
• Turkmenistan

Spade Health is a medical market research company that provides clinical research management services to pharmaceuticals and end clients. Spade Health, is focused on providing biotech and pharmaceutical companies with an assortment of services tailor... View full profile

Syneos Health (Nasdaq:SYNH) is the only fully integrated biopharmaceutical solutions organization purpose-built to accelerate customer success. We lead with a product development mindset, strategically blending clinical development, medical affairs a... View full profile

TAKE Solutions delivers domain-intensive services in Life Sciences and Supply Chain Management. In the fast-growing Life Sciences space, TAKE offers clients a unique combination of full-service Clinical, Regulatory and Safety services backed by uniqu... View full profile

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Siliconindia Magazine

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• January - 2022 issue

10 Most Promising Drug Discovery and Development Companies - 2022

The development of drug discovery and pharmaceuticals in India has witnessed excellent growth in the recent times. There are research and development viewed by expert professionals suggest that increasing contract based product manufacturing and collaborative research are leading to progress of the Indian drug discovery and development sector. India is setting its foot print in global locations with a wide array of pharmaceutical companies providing scientific productivity of the highest quality through proprietary drug discovery. India's ongoing achievement in the global drug discovery and development pipeline is contributing to different businesses such as logistics, trading of knowledge, intellectual aesthetics, and there by increasing the gross domestic product. Drug...

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Research and Development

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Research & Development

Research and Development (R&D) in India is part of NESTLÉ S.A.’s global R&D network and supports all markets worldwide with new product development and manufacturing excellence for Noodles. It is also a Centre of expertise for local Indian cuisine within the NESTLÉ R&D network and offers assistance to Culinary, Confectionery, Nutrition and Dairy products in the South Asia Region (SAR).

Better nutrition in the region is a perpetual challenge. Its meaning changes with the stage of development, the degree of social awareness, and scientific advancement. The new NESTLÉ R&D facility in India will help develop great tasting food solutions that are relevant for consumers in the South Asia Region, creating products that take the promise of taste and health to a broader economic and social section than ever before. It will also strengthen NESTLÉ’s position as the leader in Nutrition, Health and Wellness in the emerging markets.

NESTLÉ India has always had Research and Development support from the NESTLÉ R&D network across the world. Now, with the new R&D Centre in Manesar, NESTLÉ South Asia Region will benefit from a greater ‘regional consumer’ focus. Having an R&D Centre in India also brings Research and Development closer to NESTLÉ India businesses, and reflects the NESTLÉ spirit of R&D-Business partnership towards developing winning concepts, suited to the local consumer. It will in turn help NESTLÉ R&D to bring out strong local concepts that are in accordance with the NESTLÉ Group ambition to provide ‘affordable Nutrition, Health and Wellness’.

Ultimately, these concepts will not just be relevant for emerging markets like India, but could be transferred to NESTLÉ worldwide.

Food Safety Institute of India

Food safety and hygiene is critically important for improving public health and consumer welfare in India. A holistic approach including all stakeholders and covering the entire food chain can help reduce the food-borne disease burden. Food safety, thus, is a shared responsibility. Nestlé shares the commitment on food safety and the quality and safety of our products is a top priority. To strengthen the food safety commitment in India Nestlé is establishing the Nestlé Food Safety Institute, India (NFSI). NFSI India will adopt a holistic and collaborative approach towards ensuring safe food for consumers that will help meet India's growing demand for healthy and safe food. It is the local interface of Nestlé’s global food safety science capabilities, and leverages Nestlé’s expertise in food safety for new scientific research partnerships in the country.

The mission of NFSI India is to “build and share knowledge through collaborative partnerships to help build trust and improve food safety in India”. Our numerous and extensive research endeavors in food safety will provide the foundation upon which this mission is guided.

• Ensure that the broad competences and knowledge within Nestlé are fully leveraged in India and the Region.
• Create scientific knowledge to enable the formulation of effective and implementable risk reduction strategies.
• Engage with concerned stakeholders to share knowledge and information on emerging food safety issues and support a science based policy framework.
• Support knowledge dissemination and conduct training programs NFSI India will be an integral part of the global network (NQAC and R&D) of food safety experts within Nestlé. NFSI India will serve as a local interface of Nestlé’s global food safety capabilities & research, and as such, leverage our expertise in food safety science as an incentive for new research collaboration & partnerships in the country. NFSI will partner with reputable academics, government agencies and research institutes.

Research Agenda & Activities

1) The Capacity building pillar focuses on:

• (i) external contracts and collaborations/partnerships, and
• (ii) training programs (e.g. adulteration toolkit, agricultural hygiene management),

2) The Analytical Services & Data Science pillar provides in-house research on analytical method development and data trending and chemical surveillance by testing of materials for contaminants (heavy metals, pesticides, mycotoxins, adulteration)

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Research Organisations in India

• Updated on  
• Aug 12, 2022

Research has long been a critical component of any country. It is not limited to the medical or scientific areas. R&D plays an important part in improving a country’s capacity because it encourages new ways of manufacturing, reduces costs, and improves production efficiency. There are several research organisations in India that are famous for their research quality. Let’s check them out:

This Blog Includes:

1. indian space research organization (isro), 2. council of scientific and industrial research (csir), 3. defence research and development organization (drdo), 4. indian council of medical research (icmr), 5. bhabha atomic research centre (barc), 6. indian council of agricultural research (icar), 7. tata institute of fundamental research (tifr), 8. national innovation foundation (nif), 9. national research development corporation (nrdc), 10. national institute of biomedical genomics (nibmg).

Let us look at the ten research organisations in India that are empowering the country’s growth and paving the way for significant change in the immediate future.

• Indian Space Research Organisation (ISRO)
• Council of Scientific and Industrial Research (CSIR)
• Defence Research and Development Organization (DRDO)
• Indian Council of Medical Research (ICMR)
• Bhabha Atomic Research Centre (BARC)
• Indian Council of Agricultural Research (ICAR)
• Tata Institute of Fundamental Research (TIFR)
• National Innovation Foundation (NIF)
• National Research Development Corporation (NRDC)
•  National Institute of Biomedical Genomics (NIBMG)

Now, let’s read about them in detail:

Established in: 1960 Headquarter: Bangalore Chairperson: Dr. K Sivan

ISRO is one of the leading research organisations in India. The Indian Space Research Organization (ISRO) operates across a network of centres spread throughout the world. The Space Applications Centre in Ahmedabad is responsible for the creation of sensors and payloads. It operates a host of centres throughout the world, including the Vikram Sarabhai Space Centre (VSSC) in Thiruvananthapuram and the Laboratory for Electro Optic Systems (LEOS) in Bangalore, among others.

Field of research: Its research goal is to conduct research on space, remote sensing, vehicle launch facilities, and satellites.

Established in: 1942 Headquarter: New Delhi Chairperson: Mr. Narendra Modi

CDRI comes second when we talk about the best research organisations in India. It is presently the country’s biggest industrial R&D company. The CSIR is a modern R&D company known for its cutting-edge R&D knowledge base in various S&T fields. CSIR has a diverse network of 38 national laboratories, 39 outreach centres, 3 Innovation Complexes, and 5 units spread throughout India. 

Field of research: The CSIR’s R&D knowledge and experience are represented by approximately 4600 active scientists who are assisted by approximately 8000 research and technical staff. The company conducts research and development in a variety of scientific areas, including the atmosphere, aerospace, life sciences, petroleum, metallurgy, food, and chemicals. 

Established in: 1958 Headquarter: New Delhi Chairperson: Dr. G. Satheesh Reddy

The Defence Research and Development Organisation (DRDO) is India’s premier organisation for research and development of defence systems and military technologies, and no doubt is on our list of the best research organisations in India.  The Defence Research and Development Organization (DRDO) is the R&D wing of the Ministry of Defence, Government of India, with a goal to empower India with cutting-edge defence technology and a mission to achieve self-reliance in essential defence technologies and systems, while equipping our armed forces with state-of-the-art weapon systems and equipment in line with specifications set out by the three Services.

Field of research:  Aeronautics and avionics, electronic warfare, combat vehicle engineering, naval production, and missile systems are among these fields.

Established in: 1911 Headquarter: New Delhi| Chairperson: Prof. Balram Bhargava

The Indian Council of Medical Research (ICMR) is one of the strongest science and development organisations in India for supporting medical research. The association, headquartered in New Delhi, is in charge of supporting and managing scientific and medical research conducted in the country’s numerous medical institutions. 

Field of research: ICMR works on the various field such as Control and prevention of communicable diseases, fertility protection, maternal and child health, control of dietary conditions, development of new methods for health care delivery, and containment of environmental and occupational health hazards within safe limits, Significant noncommunicable diseases study, such as cancer, coronary disease, blindness, diabetes, and other metabolic and haematological disorders; mental wellbeing research; and drug research (including traditional remedies).

Established in: 1954 Headquarter: Mumbai Chairperson: Shri. Punit Goenka

BARC is undoubtedly on the list of the best research organisations in India. The primary mission of BARC is to maintain peaceful nuclear energy applications. It oversees all aspects of nuclear power generation, from reactor theoretical design to computer modeling and simulation, risk analysis, the manufacture and testing of new reactor fuel and materials, and so on. It also conducts studies on spent fuel recycling and radioactive waste storage.

Field of research: BARC conducts extensive and specialized research and development in nuclear chemistry, chemical engineering, material sciences and metallurgy, electronics instrumentation, biology and medicine, advanced computation, high-energy plasma physics, and related fields.

Established in: 1929 Headquarter: New Delhi Chairperson: Dr. Triloachan Mohapatra

The sixth spot of the Best research organisations in India has been filled by ICAR. ICAR is the main body in the country that directs, advises, and oversees agricultural research and education (which also includes horticulture, fisheries, and animal sciences). The nation has more than 100 ICAR institutes and 70 universities devoted to agriculture, making it one of the world’s largest agricultural systems. 

Filed of research: It has played a significant role in promoting excellence in agricultural higher education. It is involved in cutting-edge scientific and technological advancement, and its scientists are globally recognized in their fields.

Established in: 1945 Headquarter: Mumbai Chairperson: Mr. R.N.Tata

Homi J. Bhabha established the Mumbai-based Tata Institute of Fundamental Research (TIFR) in 1945 with funding from J.R.D. Tata. It is part of the Department of Atomic Energy and conducts experiments in astronomy, chemistry, biology, mathematics, computer science, and science education. As a university, the various areas of study are dispersed through various institutes. Its several laboratories are funded by cutting-edge technology, including a particle accelerator.

Field of research: TIFR mainly conducts research in the natural sciences, geometry, biological sciences, and theoretical computer science.

Established in: 2000 Headquarter: Ahmedabad Chairperson: Dr. P. S. Goel 

Moving forward, we have NIF on the list of the best research organisations in India. The National Innovation Foundation (NIF) was established in Gujarat in 2000 to provide institutional support for inspiring and sustaining grassroots inventions throughout the world. NIF has found and recorded over 310,000 cases of technical ideas, inventions, and practices to date. 

Field of research: NIF scouts, promotes, and spawns grassroots technologies created by individuals and local populations in every technical area, thus assisting human survival in the absence of institutional business assistance. It also makes an effort to ensure that such technologies spread broadly across commercial and/or non-commercial networks, creating material or non-material benefits for them and those interested in the supply chain.

Established in: 1953 Headquarter: New Delhi Chairperson: Sh. Sunil Kumar

The Department of Scientific and Industrial Research manages the National Research Development Corporation (NRDC) (DSIR). The Government of India founded it in 1953 to encourage, improve, and commercialize the technology, know-how, inventions, patents, and other innovations being produced in various institutions throughout the world. It works on national and international programs to promote science and technical progress.

Field of research: NRDC is recognised as a vast repository of a diverse variety of innovations spanning almost all fields, including agriculture and agro-processing, chemicals (including pesticides), drugs and pharmaceuticals, biotechnology, metallurgy, electronics and instrumentation, building materials, mechanical, electrical, and electronic systems, and so on.

Established in: 2009 Headquarter: Kolkata Director: Dr. Saumitra Das 

On the tenth position of the Best research organisations in India, we have the NIBMG. The National Institute of Biomedical Genomics (NIBMG), based in West Bengal, is India’s first academic institute devoted to genomic medicine research. In the last decade, the institute has performed some cutting-edge studies in the area of Biomedical Genomics. This involves the production of global record-breaking sequencing results in a single experiment in a brief period of time.

Field of research: The institute’s research goal is to use genomics and integrative biology to explain the molecular origin of disease, as well as to functionalize genomic leads.

In this blog, we discussed ten research organisations in India along with their field of research. We hope you found this blog useful. For more educational content and interesting quizzes, stay connected with Leverage Edu .

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An overview of research and development in India

We owe a lot to the Indians, who taught us how to count. Without which no worthwhile scientific discovery could have been made. Albert Einstein

Historically, India was called the ‘land of inventions’. From the concept of zero to the science of life in Ayurveda , the country has gifted this world so much (Pal, 2016).

At the time of India’s independence, in 1947, the West was already far ahead in terms of Science and Technology, while a fledgling India was confronted with multiple challenges. The excruciating partition, a fragile economy, massive chaos, and the newly discovered political autonomy; everything had to be taken charge of together (Davar, 2019; Palat, 2021; The Wire Science, 2020). Even then research and development (R&D) was a part of the Government’s plan under Prime Minister, Pandit Jawaharlal Nehru, the cultivator of scientific temper in India. But many of his policies proved a practical failure owing to a closed economy and the results were not evident in the short run (The Wire Science, 2020).

India’s research and development (R&D) at a glance

The research and development process necessitates equal participation from three main stakeholders.

• Central government
• State government
• Higher education institutions
• Independent government-funded research labs
• Incubation centres
• Public sector companies
• Private sector companies

One of the significant transformations that can be witnessed over the years is a change in the relative share of stakeholders in India’s R&D ecosystem. India’s R&D ecosystem comprises five stakeholders who contribute their varying shares to fund the country’s research and development. The most prominent among these is the Central Government while the others include the State Government, Public Sector Industries, Private Sector Industries, and Higher Education Institutes (Department of Science & Technology, 2020).

Each of these stakeholders has undertaken multiple efforts in the past ten years to boost the collaboration, output and efficiency of India’s R&D , including the establishment of research hubs, policies and initiatives. The Central Government has invested the major share in India since its independence, however, it is on a decline while that of the private sector is increasing. Corporate India is finally looking forward to R&D for product innovation as the major re-investment destination. India is an exception in this regard, as, in most nations, the Central Government’s share in the total research and development (R&D) expenditure is far lesser than that of the Private Sector (MoneyControl News, 2022).

Recent efforts by different stakeholders

• The industry holds a 36.7% share of India’s total R&D spending.
• Major R&D spending is on automobile, pharmaceutical & semiconductor research.
• Spending grew only by 0.32% in FY20 during the Covid-19 pandemic.
• In the next 10 years, spending is expected to be focused on cyber security, cloud computing, AI and 5G.
• The government of India’s recent mandate widens the scope of CSR spending to include R&D .
• Initiatives to boost R&D spending include the establishment of think tanks (NRF), laboratories (Atal Tinkering Labs), and institutional collaborations (IITs, IISc, etc).
• GoI introduced a patent box in the Finance Bill (2016) that levies a 10% tax on royalties from patents registered in India.
• Establishment of Manthan website for fostering industry-academia partnership for R&D projects.
• The most significant move of academia in recent years is the formation of R&D clusters and research parks consisting of premier STEM educational institutions in Tier-1 and Tier-2 cities.
• University Grants Commission has directed every academic institution to establish a Research and Development (R&D) Cell to facilitate networking & collaborations for interdisciplinary and multidisciplinary research.
• Publicly-owned higher education institutions are the primary catalysts of the “Skill India” mission with the aim of providing quality education, training, and research and rolling out efficient human resources.

Sources: ForumIAS, 2022; Ministry of Education, 2021; Murali, 2019; Pandey, Mukherjee, & Ayachit, 2021; Pohit, 2021; Sharma, 2022; The Week, 2022; Trikha, 2020; Yadav, 2020.

The impetus in India’s R&D scenario was gained only after economic liberalisation. From 1990-91, Government’s expenditure on R&D was 0.6% of the Gross Domestic Product (GDP) which increased to 0.7% in 2000 and since then it has been so. The only exception was the years 2005 and 2010 when it was 0.8% of the GDP . Currently, India spends only $43 per capita on R&D , which is way below its Asian counterparts like China ($368) and Russia ($285) (Fortune India, 2022).

Importance of research and development (R&D) expenditure to an economy

R&D expenditure is an indicator of technological change, innovation, and economic progress of a nation (İşcan & Öğrü, 2021). There are three types of research- basic, applied, and development- which serve unique purposes. A nation to facilitate innovation and economic progress must invest strategically in all three.

R&D takes place not just in STEM-dominated fields like medical sciences or electronics. There is a gamut of business verticals and macroeconomic functions that warrant R&D to see visible improvements in profitability, the standard of living and sustainability. Moreover, India relies greatly on R&D for the following reasons (ForumIAS, 2022):

• To create low-cost indigenous solutions.
• To improve knowledge dissemination in rural and remote areas.
• To reduce dependency on imports, particularly electronics.
• Tackling national medical and natural emergencies.
• To handle the repercussions of climate change using technology.

Impediments in India’s R&D

The government’s expenditure on R&D has almost tripled over a decade, but its percentage in India’s Gross Domestic Product (GDP) has consistently recorded a decline. This comparison matters because it exhibits a country’s research intensity. While the expenditure alone indicates the R&D expenditure, Government’s expenditure on R&D to GDP % provides an idea of the research intensity i.e., how much of the country’s GDP is re-invested for promoting research. The higher the R&D intensity, the more innovative and progressive a nation becomes (Tudor & Sova, 2022).

Comparing it on a global level with some of the most innovative nations, India’s spending on R&D is far below the global average. The World Bank data provides that R&D expenditure as a percentage of GDP globally stood at 1.99 in 2008 and it rose to 2.2 in 2008 (The World Bank, 2022). It has consistently been much higher in highly innovative nations like:

• Israel (5.14%),
• Germany (3.17%),
• Switzerland (3.15%), and
• Singapore (1.89%) (The World Bank, 2022).  

It is therefore unsurprising that India currently ranks 46 in the global innovation index, much below smaller countries like Iceland and Estonia (The World Bank, 2022).

These figures are important because it indicates that the Indian government is probably not laying the required emphasis on R&D . There is no set rule for a country regarding how much Government’s expenditure on R&D as a percentage of GDP should be appropriate; it rather depends upon the overall economic goals of the government. A few countries spend more, because they chose a research-intensive development strategy, while others may refrain from doing so. In general, the country’s GDP per capita can be employed as the base, as it represents the overall affordability of the country to spend on R&D .

A systemic redressal is needed to improve India’s research and innovation performance

Low expenditure isn’t the only impediment India faces when it comes to R&D and innovation. To bring it to a level where it’s comparable with better-performing nations’, it’s critical to address many systemic issues like skilling India’s youth, building an open innovation ecosystem, and strengthening our regulatory framework. From a strictly scientific standpoint, even though the number of research papers we publish every year is rising, its reach remains stunted because of the low impact factor and language of publication.  A range of other such challenges exist, which can be better understood when we classify them as:

• Structural issues: Those emerging from policies, systems and frameworks governing R&D , which build the foundation for a strong scientific community.
• Manpower crunch: Issues concerning finding the talent which is central to a knowledge economy.
• Bureaucratic principles: Problems stemming from navigating our complex, independent yet uniform administrative processes.
• Intellectual property: The systems governing the protection of inventions.

It is evident from the data that India has a long way to go to emerge as an innovation powerhouse for the world. The relationship between R&D and innovation is obvious from the discussion. It is also a matter of severe concern that the Government’s expenditure on R&D as a percentage of Gross Domestic Product (GDP) is consistently on a decline. But the analysis also indicates that solely increasing the government’s expenditure on R&D % of GDP would not resolve the issue because the government is already spending a good portion if we consider the GDP per capita of India.

The problem, therefore, lies in the overall R&D ecosystem in the country which demands a transformation. Furthermore, there is a need for the Central Government to motivate other stakeholders as well as to accentuate their participation in R&D investment. This is actually a vicious cycle, the higher the country performs on economic indicators, the higher its affordability for R&D , which further leads to enhanced opportunities for innovation and economic development.

• Babu, V. (2022). TOP CHALLENGES FACED BY ER&D ORGANISATIONS IN 2021.
• Davar, P. (2019, November). Nehru’s contribution to India’s scientific growth.
• Department of Science & Technology. (2020). Research & Development Statistics at a Glance . New Delhi.
• Fortune India. (2022, July 21). India’s R&D expenditure is one of the lowest in the world: NITI Aayog. Fortune India . Retrieved from https://www.fortuneindia.com/enterprise/indias-rd-expenditure-is-one-of-the-lowest-in-the-world-niti-aayog/109030
• ForumIAS. (2022). Research and Development in India: Status, Challenges and Recommendations – Explained, pointwise.
• IIFL Securities. (2018). India’s private and public R&D situation.
• Indian Express. (2016, December 1). Bureaucracy, corruption main hurdles for companies in India: Report. Indian Express .
• İşcan, E., & Öğrü, G. (2021). The Impact of R&D Spending and Technology on Economic Development. Engines of Economic Prosperity , 359–374. https://doi.org/10.1007/978-3-030-76088-5_19
• Ministry of Education. (2021). Steps taken by the Government for developing the linkage between educational institutions, Industries and R&D Institutions. Retrieved September 29, 2022, from Government of India website: https://pib.gov.in/Pressreleaseshare.aspx?PRID=1704879
• Murali, S. (2019). Research and Development in India – An Overview.
• Pal, S. (2016). 16 Significant Science and Tech Discoveries Ancient India Gave the World.
• Palat, M. K. (2021, December). Nehru did not set the natural, experimental and exact sciences in opposition to human sciences.
• Pandey, A., Mukherjee, D., & Ayachit, A. (2021). R&D and Innovation in Corporate India.
• Pental, D. (2022, February 24). Budget should have allotted more funds for R&D. Indian Express .
• Pohit, S. (2021, December 12). Why India always misses the innovation bus. The Hindu Business Line .
• Sharma, V. (2022, March 14). UGC Asks Universities, Colleges To Implement Guidelines For Setting Up Of R&D Cell. Odisha TV .
• Sonkusare, A., Rao, S. M., & Sinha, N. (2021). REFORMS AND ACTION POINTS TO STRENGTHEN SCIENCE, TECHNOLOGY AND INNOVATION ECOSYSTEM IN INDIA. Science Reporter , August . Retrieved from https://www.niti.gov.in/sites/default/files/2021-09/PublishedReformsinST.pdf
• The Week. (2022, September 27). A commitment to meet requirements of country’s energy and petroleum sectors. The Week . Retrieved from https://www.theweek.in/wire-updates/business/2022/09/27/del50-prayas-creations-advertising-pvt-ltd—rajiv-gandhi-institute-of-petroleum-through-mediawire.html
• The Wire Science. (2020, January). How Nehru’s Politics Hobbled Modern India’s Use of Technology for Development .
• Trikha, R. (2020). Industry-Academia R&D Partnerships: Strengthening Indian Innovation Ecosystem.
• Tudor, C., & Sova, R. (2022). Driving Factors for R & D Intensity : Evidence from Global and Income-Level Panels. Sustainability , 14 (1854), 1–16.
• Yadav, S. P. (2020). Indian Corporates Need To Invest In R&D For Make-in-India To Succeed.
• Priya Chetty

Priya is the co-founder and Managing Partner of Project Guru, a research and analytics firm based in Gurgaon. She is responsible for the human resource planning and operations functions. Her expertise in analytics has been used in a number of service-based industries like education and financial services.

Her foundational educational is from St. Xaviers High School (Mumbai). She also holds MBA degree in Marketing and Finance from the Indian Institute of Planning and Management, Delhi (2008).

Some of the notable projects she has worked on include:

• Using systems thinking to improve sustainability in operations: A study carried out in Malaysia in partnership with Universiti Kuala Lumpur.
• Assessing customer satisfaction with in-house doctors of Jiva Ayurveda (a project executed for the company)
• Predicting the potential impact of green hydrogen microgirds (A project executed for the Government of South Africa)

She is a key contributor to the in-house research platform Knowledge Tank.

She currently holds over 300 citations  from her contributions to the platform.

She has also been a guest speaker at various institutes such as JIMS (Delhi), BPIT (Delhi), and SVU (Tirupati).

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Benefits of the massive startup ecosystem

Creation of innovative products not only adds new revenue streams but also increases brand visibility. This also opens up avenues for collaboration and public-private partnerships. Make in India, Startup India and other initiatives by the government of India are aimed at promoting an inclusive, vibrant and sustainable ecosystem for R&D and innovation. The government has also initiated a variety of research programmes in different verticals of technology associated with electronics to support the overall growth of the sector.

It is not only cost for which companies are moving R&D in India, they are also outsourcing their corporate R&D by investing more in startup companies. This will help create breakthroughs in innovations that will help parent companies. IBM, SAP, Microsoft and Google have come forward to invest in India and her startups, or form partnerships with premature service providers in the form of venture funds and evangelism programmes, with a focus on solving problems for customers faster.

Overall, MNCs have understood that forming partnerships with startups in India could reduce both time and risks in the market, and craft a large umbrella of endless opportunities to create and innovate value for people.

India has become a key contributor to the global R&D sector. Intended reduction in government’s import bill is likely to further boost domestic electronics manufacturing.

Demand for competitive technology will accelerate more investments from big companies. Further, technology transitions such as rollout of 5G/LTE networks and the IoT will drive accelerated adoption of electronic products. This further augments investments in production, distribution and R&D in the forthcoming years. Now, the time is ripe to focus on R&D, to come up with sustainable solutions custom-made for the Indian market.

Indian government’s role and initiatives

Investments currently being made in R&D have been mainly driven by the Central government, with the private sector and state governments found to be lagging. This is in contrast to advanced countries where the private sector is the dominant and driving force of R&D spending.

Government research is being driven by Central Public Sector Enterprises (CPSEs) with majority of research being done by the power and petroleum sector. Ratan Watal, member secretary to Prime Minister’s Economic Advisory Council (PMEAC), has said that growth in R&D expenditure should be commensurate with growth of GDP.

The government is providing the following incentives for R&D based investments:

• Tax-friendly Special Economic Zone policy for the next twenty years
• Incentives for R&D investments in technology, talent development and reskilling
• Encouraging funding for technology startups
• Easing taxation regime for the digital economy and promoting ease of doing business

To encourage investments in R&D, the government of India offers various tax incentives to businesses for carrying out R&D activities. These include incentives on revenue and capital expenditures incurred for carrying out scientific research. Some of these incentives, according to India Briefing, are given below:

• A concessional tax rate of ten per cent (plus applicable surcharge and tax) on income earned by royalty in respect of patents developed and registered in India.
• A deduction of 150 per cent for manufacturing companies on in-house R&D expenditure, including capital expenditures on scientific research related to production of articles and products, filing patent applications and obtaining approvals from regulatory authorities.
• Custom duty exemption to the in-house unit of industries for consumables and equipment needed for R&D.
• GST concession for research institutions.

India’s R&D expenditure ecosystem

In the Union budget of 2019-20, the government announced a massive investment of US$ 841 million for Ministry of Science and Technology, US$ 369.15 million for Department of Biotechnology and US$ 700.38 million for Council for Scientific and Industrial Research.

PMEAC has released a report titled ‘R&D Expenditure Ecosystem,’ which states that growth in R&D expenditure should be commensurate with the economy’s growth and should be targeted to reach at least two per cent of GDP by 2022. It has remained constant at around 0.6 to 0.7 per cent of GDP, and this is well below major countries such as the US (2.8 per cent), China (2.1 per cent), Israel (4.3 per cent) and Korea (4.2 per cent).

It has been suggested that a minimum percentage of turnover of the company must be invested in R&D by medium and large enterprises registered in India. This will stimulate the private sector’s investment in R&D, from the current 0.35 per cent of GDP. The report also pitched for creating thirty dedicated R&D export hubs in national interest.

As per a NASSCOM report, India’s engineering and R&D market has grown to US$ 30 billion in the financial year 2019, and is estimated to touch US$ 42 billion by 2022. And, as per an Indian Science and R&D Industry Report, it is speculated that the medical technology sector in India would reach US$ 9.6 billion by the end of 2022, and US$ 7.8 billion by 2020 from US$ 5.7 billion back in 2017.

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Most Innovative Indian Start-ups working on Battery Technology

Battery technology is the centrepiece of the Electric Vehicle ecosystem. There are a number of start-ups in the country making headway into research and development of battery technology and supporting domains.

This list features the most innovative, technology-driven Indian start-ups in this space (in no particular order) as of Jun 2020. The focus areas of these companies cover a wide range including indigenous battery design, repurposing of used batteries for second-life applications, research on new battery chemistries, development of supporting software, and firmware.

Ion Energy | Mumbai

Founded in 2016, Ion Energy focuses on battery design, battery data analytics and development of Battery Management Systems (BMS).

The start-up takes a software-first approach for improving battery life and performance. Ion’s flagship product is an advance Battery Intelligence platform called Edison Analytics that helps identify reasons for battery degradation and suggests corrective measures to increase battery life.  The company also provides a platform for battery manufactures & OEMs to accelerate BMS development. ION’s electronic PaaS (Platform as a service) solution allows companies to get their own BMS while slashing electronics cost by up to 40% and getting their product from the design phase to the market in as little as three months.

ION Energy acquired a French BMS company Freemens SAS in Feb 2018 . EVreporter recommends the excellent blog on Ion Energy’s website as a learning resource for batteries and BMS.

Also Read: Indian researchers develop solid state battery for EVs.

Log 9 Materials | Bangalore

Founded in 2014, Log9 Materials is a leading startup in the field of nanotechnology .

Log9 Materials is the largest manufacturers of graphene in the country. With an aim to make global energy 100% clean, the start-up has developed aluminium fuel cells for both mobility and stationary energy applications. Their aluminium fuel cells can power an electric car to run over 1,000 km without needing to recharge. The company is currently focussed on building stationary power generation systems and eventually progress to mobility applications.

Log 9 has so far raised $3.9 M in seed and Series A rounds. Watch this video for more information on start-up’s technology and a look the electric car powered by the same.

Grinntech | Chennai

Founded in 2018, Grinntech works on Lithium-ion cell to pack technology and supplies Li-ion battery packs for multiple EV applications.

The technology is indigenously developed and helps cater to the application-specific needs of the Indian EV industry. They are based out of IIT Madras Research Park.

Grinntech has also developed patented technology in partnership with Qualcomm for its electric two-wheeler battery targeted at swapping applications. The company website claims it to be 7.5 times more capable than the average battery management system.

Grinntech stood third in the ‘Design in India Challenge’ by Qualcomm in 2019 . In Aug 2020, the start-up raised $2 million from four new investors including former vice-chairman of Ashok Leyland – V Sumantran and Cognizant co-founder – Lakshmi Narayanan.

Lohum Cleantech | Delhi

Founded in 2018, Lohum provides a battery lifecycle solution , including first life battery packs, second-life battery packs and end of life material extraction.

Lohum performs full-stack recycling of used Li-ion batteries to extract materials such as Cobalt, Graphite, Manganese sulphate and nickel sulphate, which can be further used to produce new Li-ion cells.

The company also manufactures Lithium-Ion Battery Packs for low power mobility applications such as electric 3Ws and scooters. The battery packs are designed keeping in view the hot and dusty environmental conditions and feature vibration suppression for uneven roads.

Using second life battery packs, Lohum has clocked over 1 million miles of on-road data. In Jan 2021, raised USD 7 million in funding led by Baring Pvt Equity Partners.

Gegadyne Energy | Mumbai

Founded in 2015, Gegadyne Energy has patented the technology that will offer higher energy density and longer lifecycles than Li-ion batteries and allow 0-100% recharging in 15 mins.

The technology has been developed in India and uses patented advanced nanomaterial composites. Unlike Lithium-ion, the constituent materials for Gegadyne’s batteries can be sourced from within the country and will have no import dependencies . The company expects to debut the technology commercially in 2022.

Gegadyne Energy was awarded ‘Energy Startup of the Year’ at the 9th Annual Entrepreneur Awards 2019 and the founders were featured in Forbes India 30 under 30 in 2020. Raised an undisclosed amount from Mumbai Angels and Kishore Ganji. In Jan 2021, Gegadyne announced raising 5M USD from V-Guard as a part of Series A .

Ziptrax Cleantech | Delhi

Founded in 2016, Ziptrax has developed advanced technology for Li-ion Battery life extension, reuse and circular-loop recycling.

The company assesses the State of Health of used Lithium-ion batteries and re-fabricates the battery packs for suitable second life applications in mobility or stationary storage. Ziptrax also claims to extend the service life of Li-ion batteries by combining it with their AI-based Technology and IoT enabled hardware. This makes their refurbished Lithium-ion batteries last for over 30% longer.

Alongside, Ziptrax recycles the used batteries for critical battery materials like lithium, cobalt and nickel.

Ziptrax is among the Shell E4 incubated start-ups.

Inverted | Delhi

Founded in 2017, Inverted Energy develops energy storage technologies .

Inverted has developed an ecosystem of integrated products designed to enable any residential, commercial or industrial building to generate, store and consume its own energy . The Lithium-Ion Batteries developed by Inverted are sold under the product name ‘Lithium Plus’ and come with an intelligent battery management system.

Here’s a snapshot of the battery tech companies discussed above:

Also read: Safety norms for working on high voltage electric vehicles

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• 24 Nov 2021
• 13 mins read

R&D and Innovation in Corporate India

Law Reform Proposals for Making India an R&D Powerhouse

The Context

The COVID-19 pandemic and the challenges posed by it made glaringly evident the importance of R&D and innovation for sustainable growth and development. While India Inc. played a very important role in developing and supporting responses to the crisis, most knowledge-based solutions came from countries whose businesses innovate more. In countries that are widely recognized as global R&D leaders, the private sector remains the pivotal contributor to R&D. When compared with global standards, India Inc.’s performance on R&D metrics is relatively poor. Even if this issue were to be evaluated outside the framework of the crisis, on the face of it, the track record of Corporate India on innovation and R&D does not appear to be in sync with India’s long-term economic aspirations. Vidhi’s report titled “ R&D and Innovation in Corporate India: Law Reform Proposals for Making India an R&D Powerhouse ” (Report) attempts to explore key reasons that contribute towards such underperformance and examine linkages between structural factors that could be negatively affecting the innovative efficacy of Indian enterprises. It also proposes legal reforms for overcoming such structural limitations.

While private limited companies (including start-ups) play a very important role in contributing to a nation’s R&D output, they are often cash-strapped and their ability to invest in R&D on a sustainable basis is limited by design. Having said that, recent research indicates that globally, private limited companies (especially those operating in the pharmaceutical sector) contribute immensely to the development of new products and technologies. Therefore, to get a complete picture of Corporate India’s contribution to R&D and innovation in India, it would be important to study trends in private limited companies as well. Nevertheless, the scope of this report is largely limited to the R&D and innovation performance of publicly listed companies (including government owned companies/public sector units) given their more readily measurable and arguably greater impact potential. The phrases ‘Corporate India’ or ‘India Inc.’ as used in the Report in relation to Indian businesses should be construed accordingly.

Corporate R&D Expenditure Trends and Sectoral Trends

R&D performance can be estimated through certain ‘innovation indicators’ which are typically measures of ‘innovation efforts’ or ‘innovation outputs’ of an enterprise. Metrics like an enterprise’s expenditure on R&D or number of R&D personnel hired or patents filed can be used to measure its innovation efforts. For deriving trends relating to Corporate India’s R&D performance, we have relied on R&D expenditures of Indian enterprises as a metric. This data is recorded in the European Union Industrial R&D Investment Scoreboard (EU Scoreboard) published by the Joint Research Centre of the European Commission which captures R&D spending data of top 2500 global R&D spenders (as disclosed in their annual financial statements) and records R&D spending of several prominent Indian listed companies. We have examined data forming part of the 2016, 2017, 2018, 2019 and 2020 iterations of the EU Scoreboard (for the years 2015, 2016, 2017, 2018 and 2019 respectively) for our study.

At the outset, Indian listed companies surveyed in the EU Scoreboard cumulatively spent 4866.4 million Euros (or 424.4 billion Indian rupees) on R&D activities in 2019. Table 1 details the spending of surveyed Indian enterprises over the five-year period under review (2015-19). During this period, there was an overall increasing trend in the R&D spending of Indian listed companies (in line with the global trend), but such increases were not consistent as reduced R&D outlays were reported in 2016 and 2018 (as compared to the previous year values). In 2017, the Indian corporate R&D expenditure was at its highest during the five- year period.    

Some international trends are also noteworthy: in 2019, the top five companies with the largest R&D outlays (Alphabet, Microsoft, Huawei Investment & Holding, Samsung Electronics and Apple) spent 17 times more on R&D than the combined spending of all surveyed Indian listed companies. Businesses situated in the United States (US) spent 71 times more on R&D as compared to Indian listed companies in 2019. Similarly, EU businesses spent 38 times more, and Chinese and Japanese businesses spent nearly 24 times more than Indian entities. In 2019, the contribution of Indian listed companies to the global corporate spending on R&D was merely 0.5% percent, and only one Indian entity (Tata Motors Limited) figures in the top 100 global spenders on R&D in 2019. This underscores the pressing need of policy interventions to bring Corporate India’s R&D spending in line with global levels.

From a sectoral perspective, Indian listed companies operating in the following sectors spent significant sums on R&D in a five-year period between 2015-2019: (i) automobiles and parts, (ii) pharmaceuticals & biotechnology, (iii) software and computer services, (iv) chemicals, (v) industrial metals & mining, (vi) oil equipment, services & distribution, (vii) industrial engineering construction and (viii) materials oil & gas producers. Table 2 sets out the sectoral R&D spending data.

Trends relating to R&D investment in FY 2020-21

The years 2020 and 2021 have been extraordinarily challenging given the catastrophic impact of the COVID-19 pandemic. Besides causing a massive loss of human life and suffering at an unprecedented scale, the pandemic also bootstrapped a severe economic downturn. This period also witnessed a surge of research activity throughout the world directed towards finding curative and preventive remedies to treat the COVID-19 disease and enabling the drastic shift to remote work models. In our study, we have also attempted to derive trends relating to R&D spending of Indian listed companies during the year 2020-21. For this, we record the R&D spending as reported by 22 Indian listed companies in their Annual Reports for 2020-21, which were reported to be the largest R&D spenders in India in  2020 (as per the EU Scoreboard), and then compared it with their R&D outlays in the past 3 years (2017-18, 2018-19 and 2019-20) as noted in their Annual Reports for previous years. The key findings of this study are set out below.

• The R&D spending of the surveyed listed companies showed an increasing trend in FY 2020-21.
• However, the rate at which corporate R&D spending increased in FY 2020-21 was significantly lower as compared to previous years (change rate for FY-2020-21: 0.32%, as compared to 13.61% and 8.68% in FY 2017-18 and FY 2018-19 respectively).
• Over a four-year horizon (between FY 2017-18 to FY 2020-21), it seems that corporate R&D expenditure has been increasing, but at a declining rate. However, a more comprehensive study may be required to confirm this trend.
• The rate of increase of corporate R&D spending declined in all sectors in FY 2020-21. In some sectors (automobiles and industrial metals and mining) there was a substantial contraction in corporate R&D spending in FY 2020-21 as compared to earlier years. Corporate R&D expenditure increased in the following sectors – pharma, chemicals and software and computers, yet the percentage increases were smaller as compared to earlier years.         

Legal and Policy Landscape: Review of Central and State Level R&D Policies, Incentives and Programs

In India, the framework at the central level provides various incentives to businesses undertaking R&D activities. Various statutes like the Income Tax Act, 1961 and the Customs Act, 1962 contain provisions granting fiscal incentives to such enterprises. Key fiscal benefits that can be availed inter alia include: (i) tax deductions for capital and revenue expenditure incurred for R&D activities and contributions made to Indian companies or notified institutions for R&D purposes; (ii) reduced tax rate of 10% on royalty income earned from patents developed and registered in India; and (iii) customs duty exemptions on import of specified components for R&D activities.

Various programs and schemes operated by central government departments / bodies (like the Department of Science and Technology, Department of Scientific and Industrial Research, Department of Biotechnology, Ministry of Environment, Forest and Climate Change, Council of Scientific and Industrial Research, Technology Development Board etc.) aim to provide funding to businesses undertaking R&D activities. Some other central schemes instead of focusing on funding, target improving the overall research and infrastructural facilities (including for e.g., through development of common R&D facilities to be used by industry clusters) and augmenting the professional skills of the country’s R&D manpower.

Moreover, various states have also launched programs under their industrial and start-up policies for providing funding and institutional support to enterprises engaged in R&D activities. Some state governments in India have also notified (or are in the process of adopting) dedicated state level R&D policies recognising the significance of having well-developed industrial R&D and innovation capabilities in the state. Such policies have typically targeted specific sectors and aim to provide concessions like soft loans, subsidies, and exemptions etc., to corporate entities undertaking R&D activities. Measures to develop long-term innovation capacity building in targeted sectors have also been envisaged in these policies. Details regarding policy initiatives and funding programs at the central and state levels are provided in the Annexure to the Report.

Overall, R&D policies in many states are short term oriented and largely sector specific, whereas some states have not formulated policies to promote corporate sector R&D. States may therefore consider adopting comprehensive, dedicated and streamlined frameworks to promote corporate R&D and modernize their institutional machinery to curb existing bottlenecks. This could be achieved through suitable state level statutory interventions. Also, for greater harmonization of the R&D policy landscape across the country, the central government may also consider issuing guidelines to state governments setting out relevant best practices and key principles in this regard.

R&D and Corporate Governance

Given that innovative capacity and harnessing of innovation in companies is not just shaped by market forces but also by internal governance structures, it becomes important to examine the relationship between corporate governance (CG) factors and their impact on promoting as well as hindering innovation. Typically, R&D activities are characterized as high risk and yielding cross-period income which often results in them being viewed as posing serious agency problems centred around controlling managers’ opportunistic behaviour and information asymmetry which ultimately influences corporate decision-making. Linked to such agency problems is the fact that underinvestment in R&D can arguably be attributed to the existence of shareholder ‘myopia’, or ‘short-sightedness’ (also referred to as short- termism) which may take many forms: shareholders who make up an increasing percentage of company ownership are ‘short-term’ oriented and are therefore disinclined towards R&D investments relative to other long-term investments. The fact that appropriate corporate governance mechanisms can address these concerns makes it even more important to understand the relationship between relevant CG variables and R&D investment.

Broadly, literature review identifies three key corporate governance factors, namely ownership structures, boards of directors and incentive mechanisms that impact innovation. However, it is difficult to draw generalized conclusions regarding whether particular CG factors impact R&D investments positively or otherwise, and literature review suggests that these assessments can usually be made within the framework of a specific economic and legal and regulatory context. Having looked at the regulatory framework which govern these factors in the Indian context, it can be said that while India’s corporate governance framework has undergone a process of comprehensive evolution and modernization over recent years, there is still scope for improvement, especially in terms of meeting global standards and best practices in practice.

Lastly, it is important to note that globally, corporate governance standards have increasingly become convergent around a shareholder-centred model of accountability.In this regard, academic literature and empirical studies on the impact of this model on innovation suggests that these globally accepted standards require a moderated form of standardization whereby these standards may be adjusted to reflect the need for promoting corporate innovation.Essentially, such standardization entails re-imagining boards, shareholders, senior-management and other stakeholders differently and developing a new basis for requisite adjustment of corporate governance standards. In other words, adjusting provisions on board structures, composition, responsibilities and accountability are critical to ensuring that boards better serve the purposes of company innovation effectively.

Key Recommendations and Way Forward

Our key recommendations for improving the corporate R&D investment landscape in India are as follows:

• R&D Committee: For a specified class of listed entities, the Securities and Exchange Board of India (SEBI) may consider making the constitution of a qualified and independent R&D committee at the board level mandatory. The primary purpose of the committee could be to assist the board of directors in reviewing and assessing the company’s R&D programs, overseeing the company’s strategy and investment in R&D programs and to perform such other functions which may be necessary for carrying out these functions.  This might help companies in inculcating a more disciplined and structured approach to their R&D activities.
• Chief Innovation Officer: For a specified class of listed entities, SEBI may consider making the appointment of an executive-level leader responsible for advancing the innovation agenda of companies, namely, a chief innovation officer (CInO) mandatory as this will ensure the incorporation of a formalized system of innovation in companies and ensure ownership and accountability at the level of the senior management. The primary responsibilities of CInOs may include formulation and execution of innovation strategies, capacity building and developing and managing partnerships for innovation.
• Enhanced R&D Disclosure Requirements: For a specified class of listed entities, SEBI may consider prescribing mandatory enhanced R&D related disclosure requirements as part of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. Presently, there do not appear to be detailed requirements that mandate disclosures of R&D related information. Needless to say, such disclosure requirements should be structured in a manner that promote a ‘race to the top’ among R&D spenders without undermining the confidentiality of their commercial and proprietary secrets.
• Integrated Innovation Funding Platform for Central and State Level R&D Initiatives with a Separate Statutory Framework: The decentralized and fragmented manner in which funding schemes for R&D are managed at the central and state levels calls for a single window ‘Integrated Innovation Funding Platform’ (IIFP) in respect of R&D funding efforts of the government. We recommend that a separate statutory scheme should be formulated for creating a nodal authority for managing IIFP and addressing the aforementioned issues under a uniform statutory framework. This approach may also help the government in better monitoring of R&D projects funded with public money (whether directly funded or through tax-breaks) and also make the beneficiaries more accountable.
• Devising targeted frameworks to address key bottlenecks: Targeted policy interventions may be required to address bottlenecks in three key areas: (i) university-industry collaborations; (ii) R&D in strategically significant sectors (such as defence); and (iii) R&D initiatives at the level of state governments.        

The purpose of the Report is to initiate a conversation around these issues to develop an enabling framework for making India an R&D powerhouse.     

Filed Under

• Corporate Law and Financial Regulation

About the Authors

Astha was a Senior Resident Fellow working in the area of Corporate Law and Financial Regulation. She completed her B.A.,LL.B. (Hons.) from the NALSAR University of Law in 2014 and her LL.M from the University of Cambridge in 2015.

Debanshu is one of Vidhi’s Co-Founders. He has over a decade of experience in commercial laws and the financial sector and has advised the Government of India on several legislative projects in this space. He was instrumental in advising the Government on the design and drafting of the Insolvency and Bankruptcy Code and its subsequent implementation. He has developed and curated Vidhi’s work on insolvency law, corporate law, financial regulation, and competition law and conceptualized its Bankruptcy Research Program. He has served as a member of a Government-appointed committee for operationalizing the National Company Law Tribunal and deposed before two Parliamentary committees examining financial sector legislation. He has also worked as a teaching fellow at Harvard Law School. He is an alumnus of the Harvard Law School, the University of Oxford, and Hidayatullah National Law University. He attended Harvard as a Fulbright Scholar and was awarded the Irving Oberman Memorial Prize in Bankruptcy and the Dean’s scholar prize in Corporations. He was also awarded a Distinction for his graduate studies at Oxford. In 2017, he was selected for NYU School of Law’s Hauser Global Scholarship, which he waived. His academic work has been published in peer-reviewed journals and an edited book published by Cambridge University Press, New York. He has been consulted by and mentioned in global business publications, such as IFR Asia and The Economist. Earlier, Debanshu practiced as an M&A and regulatory lawyer with AZB & Partners at its Mumbai and New Delhi offices.

Aditya was a Senior Project Fellow with the Corporate Law and Financial Regulation Team. His research interests lie in emerging legal issues at the intersection of technology, commerce, and finance. Aditya graduated from the National University of Juridical Sciences, Kolkata (NUJS) with a B.A., LLB. (Hons.) in 2017. Prior to joining Vidhi, Aditya worked at the law firms Shardul Amarchand Mangaldas & Co as an associate and at Khaitan & Co as a senior associate. He has advised on diverse range of complex commercial transactions and litigation. He has extensive experience in the fields of commercial and financial laws and specialized knowledge of technology and telecommunication laws.

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Budget 2024: These 19 stocks across different sectors expected to gain

Budget 2024 stock market expectations: stocks across several sectors such as infrastructure, power, consumer durables and capital goods are likely to gain..

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• Full budget to be presented on July 23
• Government to focus on infrastructure development
• Renewable energy stocks to be in focus

As Finance Minister Nirmala Sitharaman prepares to present the full budget for the financial year on July 23, market analysts are keenly observing which sectors and stocks could benefit from the anticipated economic measures.

Rajesh Sinha, Senior Research Analyst at Bonanza Portfolio Ltd, shares his expectations and thoughts on the upcoming budget, highlighting the potential beneficiaries across various sectors.

“In the Budget, the Finance Minister is expected to take steps to provide an economic boost to sustain India’s growth momentum. There is expectation that the Finance Minister will provide relief on the income tax front to put more money in the hands of the common man and even the middle class,” Sinha said.

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“The Modi government is expected to continue its focus on capital expenditure to drive GDP growth, with special emphasis on infrastructure development,” he added.

He further added that the government's full budget is expected to continue its focus on boosting India's economic growth.

Key measures may include providing income tax relief to enhance disposable income for the common man and the middle class and maintaining a strong emphasis on capital expenditure to drive GDP growth, particularly through infrastructure development.

Stocks and sectors in focus

Infrastructure sector : Increased capital expenditures on infrastructure projects such as roads, railways, and urban development are expected to benefit several companies.

Notable mentions include Ahluwalia Contracts, KNR Constructions, PNC Infratech, RITES, and KEC International.

These companies are poised to gain from the government’s continued investment in infrastructure to sustain economic momentum.

Utilities and power sector : The push towards renewable energy and solar power projects is likely to favor stocks like Tata Power, KPI Green, Borosil Renewables, Adani Green, NTPC, and NHPC.

With policies promoting renewable energy expected in the budget, these companies could see significant growth and investment opportunities.

Capital goods and consumer durables : Government incentives for manufacturing and electronics production are likely to boost companies such as Polycab India, Dixon Technologies, and Amber Enterprises.

These firms could benefit from increased budgetary allocations aimed at promoting domestic manufacturing and reducing import dependency.

Pharma and healthcare sector : The pharmaceutical and healthcare sectors may receive a boost from increased budgetary allocations for research and innovation.

Companies like Lupin, Cipla, Sun Pharma, Healthcare Global Enterprises, and KIMS are expected to benefit from these measures, driving growth and enhancing their research capabilities.

(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.) Published By: Koustav Das Published On: Jul 17, 2024

India roundup: Indian startup and semiconductor titans team up to bridge skill gap

Credit: AFP

India's semiconductor ecosystem is rapidly growing as international and local firms are expanding investments in the country.

Indian startup and semiconductor titans team up to bridge skill gap

Semiconductor companies are struggling to find qualified candidates as the industry expands. Perceptives Solutions, a startup , is bridging the gap by setting up Centers of Excellence (COEs) at universities. These COEs provide students with hands-on experience in semiconductor manufacturing and packaging, preparing them for the industry. Perceptives Solutions is working with universities, trainers, and industry partners to create a pipeline of skilled engineers.

Japan-based Horiba to establish semiconductor measuring equipment facility in western India

According to Business Standard , Japan-based Horiba , a major player in the global semiconductor industry, plans to establish a manufacturing facility in India. This plant will cater to the growing domestic market for chip fabrication, assembly, and testing, as well as for export.

L&T acquires Indian IC design startup

Larsen & Toubro bought an IC design startup to enhance its IP and engineering capabilities in the semiconductor sector in a series of investments in and acquisitions of India-based chip startups.

India IC startup secures US$5 million funding

iVP Semi , an India-based IC design house, has recently been established and has secured US$5 million in pre-Series A funding. The startup plans to leverage this investment to establish a production testing facility in Chennai and another undisclosed location in South India.

Foxconn steps up new factory development in India, Vietnam, and Mexico

As a global leader in ICT manufacturing, Hon Hai (Foxconn) has become a bellwether of relocation trends in the manufacturing industry, as its customers increasingly demand "China+1" and "Taiwan+1" production.

Xiaomi aims to double shipments in India in next decade

As Xiaomi enters its 10th year in the Indian market, the company hopes to double its product shipments and expand local manufacturing to strengthen its presence in the market.

India reportedly asks Apple to consider local production plan for tablets and PCs

The Indian government is reportedly urging Apple to increase the range of products manufactured in the country, including iPads and Macs. According to a Money Control report citing unnamed sources, the government is encouraging Apple to produce these devices within the next two years. AirPods could potentially become the next Apple product made in India.

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Mars wants to sell more chocolate in Southeast Asia—and that means dealing with extreme heat and consumers who ‘want content every minute’

Southeast Asia is hot—even barring its record-breaking extreme heatwaves this year.

Average temperatures in cities like Manila and Bangkok routinely break 100 degrees Fahrenheit and over 75% humidity in the middle of summer. 

So what do you do when your key product is something that melts? It’s a problem Mars Wrigley , the producer of snacks like Mars and Snickers chocolate bars, has to deal with.  

Mars needs to make sure “the experience of Snickers is the same, even if you’re in a Tesco [a U.K. supermarket chain], or a mom-and-pop store in Vietnam,” says Kalpesh Parmar, the general manager for Mars Wrigley Asia. He says the company is working with retailers, providing chillers to keep chocolates fresh. And there’s technological solutions too, with Mars working towards developing heat-resistant chocolate. (Mars patented a process that replaces cocoa butter, which normally has a melting point of 37 degrees Celsius, with a sugar replacer with a higher melting point)

The treats and snacks category in Asia (excluding China, Japan, and India) is worth about $32 billion and continues to grow, Parmar estimates. The region is key to Mars’s goal of doubling the annual revenue of its snacking division to $36 billion in the next decade. 

Mars is targeting the Philippines, Vietnam and Indonesia as growth markets. Future Market Insights, a market research firm, predicts Indonesia’s chocolate confectionery market will have a compound annual growth rate of 7.2% through 2034, thanks to continued urbanization and exposure to Western lifestyles. 

Mars needs to be fast to win over consumers. Shoppers in countries like Indonesia, the Philippines and Vietnam “want content every minute, every hour,” on live-shopping and e-commerce platforms, Parmar says—and they don’t care if the content is well-produced.

Yet Mars isn’t ignoring more traditional retail channels. Consumers are also shopping more at small businesses, which tend to be closer to residential areas than larger supermarkets. 

That was a surprise to Mars, which expected that stalls would slowly disappear. Instead, mom-and-pop stores carved a niche for themselves by partnering with e-commerce companies, offering fulfilment services and working with food delivery startups like Grab and Foodpanda. 

There’s a lot of opportunity for growth. Chocolate consumption in Southeast Asia is still relatively low, with many consumers seeing them as an infrequent treat. Parmar thinks the way to get the region to eat more chocolate is to sell them smaller portions—or as he terms them, “smaller packs of happiness.”

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