Summary:

Ms. Nirmala Sitharaman, Union Minister of Finance, delivered the Economic Survey 2023-24, which emphasizes India's impressive rise in patents and start-ups, signaling the country's innovation-driven economic boom. The Survey highlights significant achievements in R&D, with India's Global Innovation Index rating improving and the country taking the lead internationally in market scale. Patents awarded increased seventeenfold, from 5,978 in 2014-15 to 103,057 in 2023-24, while registered designs grew from 7,147 to 30,672. The government plans to establish the Anusandhan National Research Foundation (ANRF) with a projected $5.98 billion investment by 2028 to enhance scientific research.

The Survey underscores India's thriving start-up sector, noting that more than 45% of start-ups originate in Tier 2 and Tier 3 cities. DPIIT-recognized start-ups are expected to surpass 1.25 lakh by March 2024, up from just 300 in 2016. Over 13,000 start-ups specialize in AI, IoT, robotics, and nanotechnology, with 12,000 patents filed between 2016 and March 2024. By the end of FY24, 135 Alternative Investment Funds had invested more than US$ 2.15 billion (Rs. 18,000 crore) in startups. The Bharat Startup Knowledge Access Registry promotes collaboration among stakeholders.

Source: IBEF 

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