NEW DELHI: The Economic Survey has called for a significant ramp-up of R&D spend, especially by the private sector, arguing that mere reliance on ‘jugaad’ will not help get the required level of innovation.
It has contrasted India with other large countries, including China, to point out the huge potential for improvement. At the same time, it has called for process reforms, pointing out that India’s was one of the administrative processes which tend to over-regulate, leading to opaque decision-making.
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It has contrasted India with other large countries, including China, to point out the huge potential for improvement. At the same time, it has called for process reforms, pointing out that India’s was one of the administrative processes which tend to over-regulate, leading to opaque decision-making.
More on Union Budget
It then argued that along with this greater transparency, stronger systems of accountability and resolution mechanism need to be put in place to improve the process.
Jugaad refers to tweaks in available technologies and processes to meet the desired end.
