The billion-dollar overseas acquisitions by India Inc may have catapulted it into the global league, but domestic companies spend less on research and development.
NEW DELHI: The billion-dollar overseas acquisitions by India Inc may have catapulted it into the global league, but domestic companies are still country cousins to foreign firms when it comes to spending on research and development.
The top 10 Indian firms, put together, invested 477 million euro last year for R&D, less than one-tenth of the world's biggest R&D investor Pfizer.
The total R&D spending by top 10 Indian companies is also less than what the lowest ranked company among the world's top-50 spends.
The findings are based on the the European Commission's latest annual R&D Scoreboard 2007, which has listed top 50 R&D investor across the world, top-1,000 companies in the EU as well as top-1,000 companies in the rest of the world.
Just 10 Indian firms found place among the top-1,000 R&D companies from the non-EU nations. Besides, total R&D spending by these 10 Indian firms together is less than the lowest ranked firms in Europe's top 50 and top-1,000 non-EU firms.
While Tata Motors has emerged as the top-ranked Indian firm at 283rd place, the rest nine have been placed in the bottom half of the list of 1,000 companies outside the EU.
German automaker DaimlerChrysler emerged as the top EU firm with an investment of 5.2 million euros, while American drugmaker Pfizer has been named as the biggest non-European investor with 5.8 billion euros in the R&D Scoreboard 2007.
The total R&D investment by the 10 Indian firms stood at a meagre 477 million euros (Rs 2,700 crore), which is less than one-tenth of the investment made by Pfizer or DaimlerChrysler.
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