Indian companies are on the top position globally when it comes to growth in research and development (R&D) investments, according to a recent study by the European Commission. There are 14 Indian companies that are a part of the list of the top 1,500 entities worldwide in terms of their absolute annual R&D investments. These top-ranked Indian companies are Infosys at rank 329, followed by Reliance Industries (507), Dr Reddy’s (776), Tata Steel (867), M&M (888), Lupin (916), Ashok Leyland (1,136), ONGC (1,222), BHEL (1,230), Cipla (1,275), Cadila Healthcare (1,313), Glenmark Pharma (1,314), Sun Pharma (1,336) and Wockhardt (1,472). The list was led by Japanese automobile major Toyota Motor, while Volkswagen was the top spender from the European Union.
The largest overall increase in R&D investments was reported by companies based in India (35.1 per cent), followed by China at 28.1 per cent, highlighted the study. In comparison, the R&D investments made by companies based in US grew by 9 per cent, while those of companies from the European Union (EU) rose by 8.9 per cent, while Japanese companies registered 1.6 per cent growth. In terms of sectors, companies have shown huge R&D increases in the Information, Communication and Technology (ICT), automobiles and auto components, industrial engineering, electronics and pharmaceuticals.