Prime Minister Research Chairs (PMRC) in IITs

The PMRC initiative is designed to attract top Indian-origin researchers and scientists back to India by establishing research chairs in IITs. This initiative is a recognition of the vital role that Research and Development (R&D) and innovation play in economic growth.

Key Features

• Support Plan: The initiative plans to support 120 research fellows and chairs over 5 years.
• Objective: Aim to develop fundamental R&D capabilities and establish a strong intellectual property pipeline.

Challenges

India's entry into the global R&D and innovation arena comes with lower financial commitments compared to global competitors.

• Public Expenditure: India has a stagnant public expenditure of 0.64-0.66% of GDP on R&D, which is inadequate.
• Private Sector: The private sector contributes around 34% of R&D spending, indicating risk aversion and a focus on short-term gains.

Role of Government

The Government of India (GoI) plays a crucial role in creating a supportive R&D ecosystem:

• Policy and Governance: Emphasize on shaping policy and governance, and articulating a long-term vision for R&D.
• Public Funding: Should target foundational research, strengthen educational institutions, and facilitate academia-industry collaboration.

Approach to R&D Investment

A shift in approach is essential for the success of initiatives like PMRC:

• Funding Models: Move beyond supply-side funding to demand-side, mission-driven, or 'moonshot' models.
• Collaboration: Encourage collaboration where the state sets objectives and industry, private capital, and research communities deliver solutions.
• Leveraging Public Funds: Focus on mechanisms that leverage public funds to attract significantly larger private capital investments.

Without these strategic shifts, the PMRC initiative risks not achieving its full potential.