India's Path to Viksit Bharat: Why Obsessing Over R&D Alone Is a Dangerous Distraction
Introduction India's innovation narrative is at risk of being hijacked by a single-minded, almost obsessive focus on ramping up R&D spending—chasing elusive GERD-to-GDP targets (still stubbornly stuck around 0.6–0.7% in recent years, with private contribution limping at 36–37%) as if percentages alone will catapult the country to global leadership. This fixation, while well-intentioned, dangerously diverts attention from an equally—if not more—critical imperative: massive, irreversible capacity expansion. In a vast economy like India's, with its demographic scale, infrastructure deficits, and manufacturing ambitions, R&D without corresponding physical capacity is largely performative—ideas without factories, simulations without fabs, breakthroughs without output. Capacity expansion announcements by large conglomerates in 2025 tell a far more compelling story: Adani Group's record ₹1.5 lakh crore FY26 capex push across renewables, data centres, ports, and more; Reli...