Director General emphasized that there is a necessity of Academia-Industry Collaboration (AIC) in shaping standards that drive innovation and economic growth.

• AIC is significant component of Triple Helix Model of Innovation to drive technological advancement and economic development. 

Significance of AIC

• Economic Growth: IIT Madras Research Park has incubated over 200 startups, attracting investments exceeding Rs. 1,000 crore, driving economic development. 
• Social Benefits: Pusa Basmati rice varieties contributing immensely to sustainable basmati rice cultivation and exports. 
• High Return: According to Germany’s Fraunhofer Institutes’ research, targeted research collaboration has yielded 18 times return on investments through improved regional economies, enhanced workforce capabilities, and higher firm and government revenues.

Challenges in AIC 

• Lack of funding: In FY2020-21, India invested 0.64% of its GDP in R&D, in stark contrast to 3.46% by US, 2.43% by China.
• High commercialisation costs of academic research and lack of demonstration of tangible outcomes.
• Lack of motivation for research among academic students due to limited financial incentives, involvement in administrative work, inferior infrastructure etc.
• Issues with monetisation of shared intellectual property and differing project management approaches.