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ICICI Securities Report
Key data points on research and development spend -
In the listed space, 409 stocks spent Rs 360 billion, or 0.9% of their revenues, on R&D during FY20.
Top sectors spending on R&D included auto (Rs 111 billion), pharma (Rs 106 billion), industrials + energy (Rs 82 billion), and IT (Rs 23 billion).
Private sector investment in R&D at 37% is much lower than government and is a departure from global trend of higher contribution by private sector.
R&D spend in India has remained stable at approximately 0.7% of gross domestic product since 2014.
However, it is relatively low as compared to other emerging economies (1-1.5%) and significantly lower than developed economies and China ( more than 2%)
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