India may become global R&D hub

Via Sify:

Delivering the Convocation address at the Indian Institute of Foreign Trade (IIFT) here, the Director-General, Council of Scientific and Industrial Research (CSIR) and Secretary, Department of Scientific and Industrial Research, Dr Mashelkar, said the real and unique opportunities that India offers for becoming a true global R&D platform were enormous. He said the cost of doing R&D is fraction of that in the developed world as the entire spend of India's R&D last year was $5 billion, less than the R&D budget of a company like Pfizer alone.

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* India to emerge as knowledge power: Dr Mashelkar