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Union Budget 2020-21: Examining the agri-research agenda

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2020-02-06 13:05:28

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Description: China and South Korea top the list of nations that have performed exceptionally to usher in economic transformation within the last 30-40 years. South Korea, an agriculture-based economy within the 1960s, became the world’s eleventh-largest economy in terms of gross domestic product (GDP) in 2016. Policy support for exports, attention to developing technology, incentivizing investments in innovation and innovation to promote growth made its exports competitive and advanced the country’s significant economic rise. At 4.5 percent, South Korea’s has the very best ratio of research and development (R&D) spending-to-GDP. It spent 78.8 trillion won ($69.73 billion) on R&D in 2017. India needs to learn from South Korea: It is important to invest a significant part of the GDP in R&D to escape being trapped in a vicious cycle and occupying the lowest value-added parts of global value chains. “R&D is an integral driver for economic process and industrial development in both developed and developing countries,” says Heui Jae Pahk, president of the Office of Strategic R&D Planning in South Korea’s Ministry of Trade, Industry and Energy.

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