In the recent years, rising income inequality and jobless growth have been subjects of discussion and debate. A February 2018 New World Wealth report claimed that India is the second-most ‘unequal’ country in the world, with millionaires controlling 54% of the wealth. In Japan, the most equal country, millionaires control only 22% of national wealth.
A closer look suggests that in India, gross fixed capital formation is falling. Growth in capital formation has fallen from a high of 17.5% during 2004-2008 to a lowly 4.3% during 2014-2016. A part of the fall in the value of investment has to do with lower input costs. Technology has ensured that inputs come at a cheaper price.
India accounts for about 10% of all expenditure on research and development in Asia and the number of scientific publications grew by 45% over the five years to 2007. However, according to former Indian science and technology minister Kapil Sibal, India is lagging in science and technology compared to developed countries. India has only 140 researchers per 1,000,000 population, compared to 4,651 in the United States. India invested US$3.7 billion in science and technology in 2002–2003. For comparison, China invested about four times more than India, while the United States invested approximately 75 times more than India on science and technology. The highest-ranked Indian university for engineering and technology in 2014 was the Indian Institute of Technology Bombay at number 16; natural science ranks lower.
In 2017, India became an associate member of European Organization for Nuclear Research.
Technology management is a set of management disciplines that allows organizations to manage their technological fundamentals to create competitive advantage. Typical concepts used in technology management are:
- Technology strategy (a logic or role of technology in organization),
- Technology forecasting (identification of possible relevant technologies for the organization, possibly through technology scouting),
- Technology roadmap (mapping technologies to business and market needs), and
- Technology project portfolio (a set of projects under development) and technology portfolio (a set of technologies in use).
The role of the technology management function in an organization is to understand the value of certain technology for the organization. Continuous development of technology is valuable as long as there is a value for the customer and therefore the technology management function in an organization should be able to argue when to invest on technology development and when to withdraw
While India has increased its output of scientific papers fourfold between 2000 and 2015 overtaking Russia and France in absolute number of papers per year, that rate has been exceeded by China and Brazil; Indian papers generate fewer cites than average, and relative to its population it has few scientists.