Rajiv Gauba, a member of NITI Aayog, stated at the CII Annual Business Summit 2026 that in order to bolster long-term economic growth, India needs considerably boost private sector investment in research and development (R&D) and lessen dependency on imported technologies. 

Gauba emphasized that roughly 60% of current funding comes from the government, and that India’s gross expenditure on R&D is still stuck at about 0.7% of GDP, much below the worldwide average of 2.3%. He emphasized that more industry involvement in technology development and innovation is now strategically essential. 

As AI, automation, and Industry 4.0 continue to transform global industries, he also urged companies to concentrate on labor skilling. He claims that formal skill training is still lacking in important industries like tourism and construction. 

In order to make conducting business easier, Gauba also advocated for trust-based governance and deregulation. Although more than 42,000 compliances have already been eliminated since 2014, he emphasized the necessity of more extensive structural improvements. 

In order to improve national security, global competitiveness, and long-term growth, he continued, India’s economic might and growing GDP are essential. 

Source – Newsable Asianet News