Boosting R&D: India's Path to World-Class Automobile Industry

Chief Economic Advisor V Anantha Nageswaran has urged automobile manufacturers to enhance their R&D investments and improve global NCAP ratings. He emphasized that this is crucial for boosting exports and advancing the 'aatmanirbharta' programme. He highlighted the need for sustained reforms and long-term thinking to achieve economic growth.

Chief Economic Advisor V Anantha Nageswaran has called on automobile manufacturers to make substantial investments in research and development to create a world-class industry.

Speaking at the SIAM Annual Convention, he highlighted the importance of improving the global NCAP ratings of vehicles to enhance exports. This, he said, would contribute significantly to the 'aatmanirbharta' programme and strengthen India's manufacturing capabilities.

Nageswaran noted that while the Indian private sector contributes about one third of the R&D spending, the rest is supported by the government. He emphasized viewing R&D expenditure as a long-term investment rather than a mere cost.

(With inputs from agencies.)