Before the start of liberalisation in 1991, the Indian economy was an inward looking system under government control. Following the drive to liberalisation it has changed in many ways. For a start, the national system of innovation has been affected by exposure to market forces. Global firms have founded R&D centres in India and large private firms have increased spending on R&D. Patentable innovations have also shown a sharp rise since the opening up of the economy. As a percentage of GNP, however, R&D expenditure is still much lower than that observed in countries such as China, Taiwan, and Brazil. The Indian share of world trade is very low, and so there is a need for further expansion of R&D initiatives. The recently announced revisions to science and technology policy begin to address some of these concerns.
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