innovation and patents - ibef · innovation and patents june 2017 ... porter’s five forces...

11JUNE 2017

INNOVATION AND PATENTS

For updated information, please visit www.ibef.orgJUNE 2017 (As of 9 June 2017)

22JUNE 2017 For updated information, please visit www.ibef.org

❖ Executive Summary………….…….………….3

❖ Advantage India…………………….…………4

❖ Market Overview and Trends……….………..6

❖ Porter’s Five Forces Analysis …………...…27

❖ Strategies Adopted…………………….…….30

❖ Growth Drivers………………………………..33

❖ Opportunities………………………………….41

❖ Success Stories………………………………45

❖ Useful Information……………………..…….51


JUNE 2017


EXECUTIVE SUMMARY

Source: Reserve Bank of India, R&D Magazine, International Monetary Fund, World Bank,

CIA Fact Book, OECD, TechSci Research

Note: R&D - Research and Development;

Figures mentioned are as per latest data available


Sixth-largest R&D

investor

• India's R&D spend is estimated to reach USD71.5 billion by 2016 from USD66.49 billion in

2015.

• In 2015, India became the world’s 6th largest annual R&D spending country, accounting for

3.53 per cent of global R&D expenditure

• R&D spending in India is anticipated to grow from 0.9 per cent to 2.4 per cent of the

country’s GDP from 2014 to 2034 respectively

Pharma sector driving

R&D growth

• India’s pharmaceutical industry, which accounts for about 1.4 per cent of the global

pharmaceutical industry in value terms & 10 per cent in volume terms, is expected to remain

a major R&D growth driver

Rapidly growing

overseas investment

• Cumulative overseas direct investments by India grew at a CAGR of 38.78 per cent, during

FY08-16, reaching USD289 billion during FY16 from USD21 billion in FY08, global car

makers are also looking to move their R&D investments in India

ADVANTAGE INDIA


55JUNE 2017

Growing demand

For updated information, please visit www.ibef.org

ADVANTAGE INDIA

Source: R&D spending estimate by Battelle and R&D Magazine, TechSci Research

Notes: F - Forecast, E – Estimated, IPR - Intellectual Property Rights, CoE - Center of Excellence, PPP - Public Private Partnership, TRIPS - Trade Related Aspects

of Intellectual Property Rights, NMITLI - New Millennium Indian Technology Leadership Initiative, NIC - National Innovation Council;


Robust demand

• Indian companies’ investments in

R&D is not surprising given the

importance of innovation to

sustain competition

• Indian players are set to benefit

from expiration of patents

Attractive opportunities

• Apple has submitted 5 applications with the Indian Patent Office in 2016, for innovations related to digital payments. Facebook is also looking to tap into the mobile wallet market of the country.

• India is the top exporter of IT products & has the 3rd largest pharma sector & a fast growing contract research segment

Policy support

• PPP for promoting exchange of scientific knowledge & R&D

• Strengthening educational infrastructure

• Amendments to the Patents Act (1970) to make it TRIPS-compliant

• Setting up of NIC in 2010

• Adoption of Science, Technology & Innovation Policy 2013

High ratings

• Establishment of CoEs in various

areas; NMITLI initiative on PPP basis

• During 2015-16, increase in

Intellectual Property Rights (IPR)

applications witnessed at a CAGR of

26.9 per cent, with the number

increasing from 262638 to 340000

2015E

R&D

spending:

USD66.49

billion

2016F

R&D

spending:

USD71.48

billion

Advantage

India


MARKET OVERVIEW AND TRENDS



EVOLUTION OF INNOVATION AND R&D IN INDIA

Source: Zinnov, Korn/Ferry International, Asia-Pacific Research Center, Stanford University, TechSci Research

Notes: TRIPS - Trade Related Aspects of Intellectual Property Rights, WTO - World Trade Organisation


• Indian Patents & Designs

Act (1911)

• Dependence on bulk

imports

• Establishment of CSIR,

DRDO, ICAR, ISRO &

IITs

• Patents Act (1970)

• Recognition of

process patents

only

• Restricted foreign

ownership in Indian

companies

• Focus on ‘reverse

engineering’ among

pharmaceutical

companies

• TRIPS under WTO

(1995)

• Amendments to the

Patents Act (1970) to

make it TRIPS compliant

• Reintroduction of product

patents

• Reduction in tariff & non-

tariff measures

• Easing FDI norms

• Shifting focus in pharma

towards clinical research

& new drug development

Before 1970

Introductory Stage

1970 to early 1990s

Indigenization

Stage

Early 1990s to 2005

liberalisation &

Transition Era

2005 onwards

Growth Era

• Augmentation of network of centrally-funded

institutions and universities

• Increase in R&D & exports in sectors such

as IT, pharma, electronics & automobiles

• Innovations in automobiles such as Nano,

the world’s least expensive car

• Numerous innovations from rural India

• Setting up of National Innovation Council

• Adoption of Science, Technology &

Innovation Policy 2013

• In FY16, 46,904 patents were filed in the

country, of which 6,326 were granted

• During April 2000 to March 2017, total

cumulative FDI inflows in the country stood

at USD332.11 billion


FORMS OF INTELLECTUAL PROPERTY

Source: Department of Industrial Policy

and Promotion, TechSci Research


Intellectual

Property (IP)

Patents

Trademarks

Geographical

Indications

Industrial Designs

Layout Designs

Plant Variety

Protection

Copyright

99JUNE 2017

37

51

46

60

71

77

109

167

396

514

Brazil

Russia

United Kingdom

France

India

Souht Korea

Germany

Japan

China

United States


INDIA AMONG THE WORLD’S LEADING R&D INVESTORS


Source: Nature Magazine, Battelle, TechSci Research

Notes: GERD - Gross Domestic Expenditure on R&D,

R&D - Research and Development; 1 - Data is for May 2015;

Expected expenditure of world’s leading R&D

investors in 2016 (USD billion)India’s R&D investments increased to USD71.48

billion in 2016 from USD66.49 billion in 2015.

R&D investments has helped Indian companies to

overcome tight competition with affordable products

internationally

1010JUNE 2017

61.85

66.49

71.48

2014 2015E 2016F



Source: R&D Magazine, International Monetary Fund, World Bank, CIA Fact Book,

OECD, Department of Science and Technology, TechSci Research

Notes: CAGR - Compound Annual Growth Rate, PPP - Purchasing Power Parity,

R&D – Research & Development, E – Expected, F – Forecast

R&D spending in India (USD Billion)India’s share of global R&D spending rose to 3.53 per cent in2015 from 3.43 per cent in 2014 & is forecast to be at 3.67 percent in 2016

As of March 2017, World Intellectual Property Organization(WIPO) stated that India is emerging as a leader in frugal &demand driven innovation among various countries across theglobe.

In May 2017, the central government introduced variousstartup intellectual property protection schemes to ease patentfiling for startups & promote awareness & adoption of IPrights. Moreover, under these schemes, the centralgovernment bears the fees of the facilitators for patents,trademarks or designs that a startup may file. Startups onlyhave to bear the cost of the statutory fees.

STRONG GROWTH IN R&D INVESTMENTS IN INDIA OVER THE YEARS


INDIA HAS BEEN EXPANDING ITS INVESTMENT HORIZON ABROAD


Source: Reserve Bank of India, Department Of Industrial Policy &

Promotion (DIPP), TechSci Research

Cumulative overseas direct investment

(USD billion)

Cumulative overseas direct investments increased to

USD332.11 billion in FY17 from USD21 billion in FY08,

leading to significant amount of technology transfer through

industrial acquisitions

For instance, Lupin’s total number of patent filing reached

2,525 in FY16 up from 600 in FY08. In FY16, the company

filed 57 formulation patents, 75 API (Active Pharmaceutical

Ingredient) & 33 in the field of biotech.

Indian inventors contributed 658 patents to IBM, to help

global software giant top the list for US patent recipients in

2016. IBM filed a total of 8,088 US patents, followed by

Samsung Electronics in the 2nd position, with 5,518 patents. 2138

56

100

125146

183

249

289

332

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17


TRADEMARK APPLICATION ACCOUNT FOR MAJOR SHARE OF IPR APPLICATIONS


Source: Department of Industrial Policy and Promotion, Intellectual Property India

Report 2015-16, (up to

Dec., 2015) TechSci Research

Note: Figures mentioned are as per latest data available

Break-up of Intellectual Property Rights (IPR)

applications (FY16)

During FY2015-16, the total number of Intellectual Property

Rights (IPR) stood at 251,420

Trademark applications accounted for the largest share of

82.70 per cent, with the total number of applications

standing at 285000 in FY16

Patent & design applications accounted for 14.10 per cent

(35,447 applications) & 3.20 per cent (8035) share,

respectively.

The twin states of Telangana & Andhra Pradesh topped the

list of Indian states for filing patents. According to

Intellectual Property India Report, 2015, Andhra Pradesh

recorded 532 patents while, Telangana recorded 459 patent

applications, witnessing an increase of 25 per cent over the

previous year.

82.70%

14.10%

3.20%

0.01% Trade Mark

Patent

Design

GeographicalIndications


IPR APPLICATIONS TRENDING NORTH

Source: Department of Industrial Policy and Promotion, Intellectual Property India Annual Report 2015-16, TechSci Research

Note: Figures mentioned are as per latest data available* (up to Dec., 2015)

Intellectual Property (IP) applications (‘000)

During FY08–16, increase in Intellectual Property Rights (IPR) applications was witnessed at a CAGR of 9.49 per cent, with the

number of applications increasing from 262590 in FY08 to 341087 in FY16.

During FY08-16, the total number of trademark applications increased at a CAGR of 10.92 per cent & reached to 283,060 by the

end of FY16

Patent & design applications rose at a CAGR of 3.65 per cent & 7.13 per cent respectively, during the same period

Growing IP application activity indicates increased in-house R&D & innovation in India

INNOVATION AND PATENTS3

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2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16

Patents Designs Trade Marks Geographical Indications


INDIA IS FAST EMERGING AS A GLOBAL R&D HUB … (1/2)

Source: Zinnov Consulting - Crossing the value chasm, TechSci Research

Notes: CAGR - Compound Annual Growth Rate,

MNC – Multinational Corporations

R&D - Research and Development, E – Estimate, F – Forecast

MNC with R&D centers in India


CAGR: 4.57%

MNC R&D centers workforce in India

(in 000’)

CAGR: 10.08%

The number of MNC with R&D centers in India has grown

at a CAGR of 4.57 per cent from 721 in 2010 to 943 in

2016.

During 2010-16, the workforce in MNC R&D centers

increased at a CAGR of 10.08 per cent & reached 363,000,

which is estimated to further increase to 387,000 by 2017 in

India.

721776

835872

913 928 943988

10331085

1139

2010 2011 2012 2013 2014 2015 2016 2017E 2018E 2019E 2020E

204 220244

268295

323363

387424

464

508

2010 2011 2012 2013 2014 2015 2016 2017E 2018E 2019E 2020E



INDIA IS FAST EMERGING AS A GLOBAL R&D HUB … (2/2)

Source: Zinnov Consulting Report 2015, TechSci Research

Notes: CAGR - Compound Annual Growth Rate,

R&D - Research and Development

YoY- Year on Year1 – Source from Capegemini

Vertical-wise distribution of R&D centers in India

(2016)

Until 2005, Tier-1 cities were the favourite destination for

MNCs due to availability of rich talent, favourable policies &

better quality of life

However, post-2005, MNCs have started expanding to Tier-

2 cities, as they offer benefits such as higher catchment

area, lower attrition & cost arbitrage

R&D related investments & processes attain easier

approval from regulatory authorities, globally. This has also

increased focus on new generics

India’s R&D ecosystem has grown at a phenomenal pace in

the last 10 years. 42 per cent of the Global 500 R&D

Spenders have centers in India, with the figure expected to

reach 49 per cent by 2020

India has emerged as the most preferred destinations for

innovation in Asia & the 3rd biggest, globally, with 'Silicon

Valley' of East Bengaluru1 leading the charge.

13

62

7

39

11

90

18

21

22

57

9

20

4

25

68

302

76

4

0 50 100 150 200 250 300 350

Aerospace & Defence

Automotive

Biotechnology

Chemicals & Materials

Diversified

Electrical & Electronics

Energy

Engineering Services

FMCG

Industrial

Media & Entertainment

Medical Devices

Others

Pharmaceuticals

Semiconductors

Software/ Internet

Telecom & Networking

Travel & Transportation


INDIA IS ALSO GARNERING THE BENEFITS OF R&D OUTSOURCING

Source: Financial Express, Value Notes, TechSci Research

Notes: R&D - Research and Development,

IT - Information Technology; CAGR - Compound Annual Growth Rate;


Engineering R&D outsourcing in India

(USD Billion)

Companies across sectors (such as IT, consumer electronics,personal devices, medical electronics, telecom & automobiles) arenow offshoring complete product responsibility

India has become one of the most preferred location for engineeringoffshoring

The outsourcing R&D services market in India is expected to reachUSD38 billion by 2030 from USD22.8 billion in 2016.

Newer capabilities such as supply chain, regulatory compliances &manufacturing engineering are being developed by EngineeringR&D Service providers

Service providers in Europe are increasingly looking at scaling up &setting offshore operations in India to access cost effective largetalent pool

In April 2017, India & Russia signed a joint declaration to build aninnovation ecosystem between the two countries. The declaration,which was signed between the Science & Technology (S&T)Department of India and the Ministry of Economic Development ofthe Russian Federation, is expected to promote innovation &technology entrepreneurship in the country.


CAGR: 3.71%

22.8

38

2016 2030E


GLOBAL 500 COMPANIES PRESENCE IN INDIA

Source: Zinnov – Crossing the value chasm, TechSci Research

Notes: R&D - Research and Development

The top 500 R&D spenders contribute over USD614 billion with

the top 100 R&D spenders alone contributing 66 per cent to the

global R&D spend

In India, TVS Motors, Bosch, Tata Motors, and Mahindra &

Mahindra have topped the list of R&D innovators in the

automobile industry.

Samsung R&D Institute India files the maximum number of

patent applications in the country’s IT sector in 2015-16,

followed by TCS & Wipro

In May 2017, Tata Group announced that the group has

displayed more than 3,300 implemented innovations in its

annual innovation program over the last two years.


R&D spending by top six pharma giant FY16

(USD million)352

272.44244

158.16

104.03 10271.79

SunPharma

Dr Reddy Lupin Cipla Cadila Wockhardt Aurobindo


Encouraging the private

sector

• The benefit of section 10 (23 G) of the IT Act has been extended to financial institutions that providelong-term capital to hospitals with 100 beds or more

• Government is encouraging the PPP model to improve availability of healthcare services & providehealthcare financing

Encouraging

investments in rural

areas

• The benefit of section 80-IB has been extended to new hospitals with 100 beds or more that are setup in rural areas; such hospitals are entitled to 100 per cent deduction on profits for 5 years

• Under Union Budget 2017-18, government allocated USD5.94 billion for NABARD fund

• In Union Budget 2017-18, Irrigation corpus increased from USD2.97 billion to USD5.94 billion

Source: Union Budget 2014-15, Union Budget 2015-16,

Union Budget 2016-17, Health Ministry, TechSci Research

STRONG POLICY SUPPORT CRUCIAL IN DEVELOPING THE SECTOR


Tax incentives

• Import duty on medical equipment has been reduced to 7.5 per cent

• As per Union Budget 2016-17, services provided by National Centre for Cold Chain Development

(NCCD) would be exempted from service tax

• Incentives & tax holidays are being offered to hospitals & dispensaries providing health travel

facilities

Policy Landscape

• India released a new national Intellectual Property Rights Policy, which seeks to enhance Prime

Minister Narendra Modi’s - Make in India scheme, by boosting innovation.

• On the occasion of 9th National Intellectual Property Awards Ceremony held in April 2017, the

Commerce & Industry Ministry conveyed that it is focusing on making the Intellectual Property

Rights policy faster & efficient. Government’s focus on increasing IPR awareness in schools pan

India by launching IPR awareness campaigns was also highlighted.


Source: Intellectual Property India Annual Report 2014-15



Top 5 Indian Applicants For Patents from Top Institutes and

Research & Development Organizations

S.No. Name of the CompanyApplication

Filled

1 CSIR 288

2 IIT Mumbai 87

3 IIT Chennai 69

4 Fraunhofer Ges Forschung 59

5 National Insititute of Design 58

Top 5 Foreign Applicants

S.No. Name of the Company Application Filled

1 Qualcomm incorporated 1065

2 Ericsson Telephone 723

3 Robert Bosch 505

4 Samsung Electronics Co. Ltd 480

5 Siemens AG 412

INCREASING IN THE PATENT APPLICATION FILING (FY15-16)…..(1/2)

Top 5 Bio Pharma Applicants


1 Novartis AG 100

2 Wockhardt Ltd. 68

3 Cadila Healthcare 51

4 Bristol Myers Soubb Co. 45

5 Boehringer Sohn Ingelh. 40

Top 5 Foreign Applicants


1 Honda Motor Co. Ltd. 127

2 Suzuki Motor Corp. 95

3 Robert Bosch GMBH 65

4 Toyota Motor Corp. 52

5 Michelin & Cie-51 51


INCREASING IN THE PATENT APPLICATION FILING (FY15-16)…..(2/2)


Top 5 Indian Patentees


Filled

1Council of Scientific & Industrial

Research113

2Samsung R&D Institute India-

Bangalore Pvt. Ltd.55

3 Bharat Heavy Electricals Ltd. 45

4Indian Institute of Technology

(Collective)40

5Defence Research & Development

Organisation32

Top 5 Foreign Resident Patentees


Filled

1GM Global Technology Operations

Inc.252

2 Qualcomm Incorporated 212

3 LG Electronics Inc. 89

4 Koninklijke Philips Electronics N.V. 68

5 Honda Motor Co. Ltd. 65

Source: Intellectual Property India Annual Report 2014-15


• In April 2017, a website has been launched by numerous colleges in association with the Institute of Electrical & Electronics

Engineers (IEEE). The website will encourage the students to patent the innovations. The colleges that particpated are namely

Thakur College of Engineering & Technology, Sardar Patel Institute of Technology & Alamuri Ratnamala Institute of Engineering &

Technology.


KEY PLAYERS IN R&D - SCIENTIFIC AND R&D ORGANISATIONS1 … (1/2)

Source: Organisational Websites, IP India, TechSci Research

Notes: R&D - Research and Development; IP – Intellectual Property, 1 - This list is indicative


Organisation Business description

Council of Scientific and Industrial Research (CSIR)

• CSIR is India’s largest R&D organisation, with 38 national laboratories, 39 outreach centers, 3 Innovation

Complexes, 5 units, 4600 active scientists supported by about 8000 scientific & technical personnel. On an

average CSIR files about 200 Indian patents & 250 foreign patents per year. About 13.86 per cent of CSIR patents

are licensed, a number which is above the global average. It is engaged in scientific industrial R&D for economic,

environmental & societal benefits for the country

• Its research areas span across aerospace, biotechnology, chemicals, energy, foods, information dissemination,

leather, metals, minerals & manufacturing etc. CSIR filed 323 patent application in FY16.

Defence Research and Development Organisation (DRDO)

• DRDO is engaged in design & development of weapon systems & equipment in accordance with the requirements

of the military services

• DRDO had a network of 50 labs & establishments to carry out research. It has over 5,000 scientists & about 25,000

other scientific, technical & supporting personnel. DRDO has filed 85 patent application in FY16.

• Its research areas include aeronautics, armaments, combat vehicles, electronics, instrumentation engineering

systems, missiles, materials, naval systems, advanced computing, simulation & life sciences

Indian Council of Agricultural Research (ICAR)

• ICAR is one of the largest national agricultural organisations in the world. It consisted of 99 institutes & 53

agricultural universities across India. ICAR has filed 63 patent application in FY16.

• It is the apex body for coordinating, guiding & managing research & education in agriculture, including horticulture,

fisheries & animal sciences in India.

2222JUNE 2017


KEY PLAYERS IN R&D - SCIENTIFIC AND R&D ORGANISATIONS1 … (2/2)


India Space Research Organisation (ISRO)

• ISRO is engaged in development of space technology & its application to various national tasks, launched

Mangalyan successfully in its very 1st

attempt2. In FY16, ISRO filed 25 patent application

• The organisation has 19 centers across India to pursue R&D activities & ISRO currently has a constellation of 9

communication satellites, 1 meteorological satellite, 10 earth observation satellites & 1 scientific satellite

• Its research areas include communication satellites for television broadcast & remote sensing satellites for

management of natural resources

• On June 22, 2016, ISROs Polar Satellite Launch Vehicle, PSLV-C34, successfully launched 20 satellites in a single

flight

Indian Council of Medical Research (ICMR)

• ICMR is the apex body in India for the formulation, coordination & promotion of biomedical research & one of the

oldest medical research bodies in the world. ICMR has filed 10 patent applications in 2016.

• The council has a fleet of 21 institutes (mission oriented national institute), 6 regional medical research centers & 5

units engaged in medical research

• The council’s research priorities encompass the areas of communicable diseases, maternal & child health,

nutritional disorders & non-communicable diseases such as cancer, cardio-vascular diseases, blindness &

diabetes

Centre for Development of Advanced Computing (C-DAC)

• C-DAC is a premier R&D organisation of the Department of Information Technology (DIT)

• It is engaged in research in the areas of supercomputers, applied electronics, technology, applications & health

informatics. C-DAC filed 20 patent applications in FY16

Source: Organisational websites, TechSci Research

Notes: R&D - Research and Development,



KEY PLAYERS IN R&D - INSTITUTES AND UNIVERSITIES1 … (1/2)



Indian Institutes of Technology (IITs)

• It is a group of autonomous engineering & technology oriented institutes of higher education

• Indian Institutes of Technology (IITs) is planning to monetise intellectual properties (IPs) by exploring tie-ups with

firms that invest in "inventions". In FY16, IITs filed 453 patent application.

National Dairy Research Institute (NDRI)

• NDRI is engaged in research, teaching & extension activities in areas of dairy production, processing, management

& human resource development

• Its research activities focus on improving dairy productivity, innovating milk processing technologies &

disseminating information to the various stakeholders in dairy business to make dairying a self-sustaining business

• In 2015, R&D activities comprised 72 in-house & 78 externally funded research projects. In 2014, R&D activities

comprised 19 NAIP projects in consortium model with financial outlay of USD21.95 million. In FY16 NDRI filed 4

patents.

Indian Institute of Science (IISc)

• IISc is one of the earliest instances of PPP for a research institute in India

• It is engaged in research in various departments of science such as biological, chemical, electrical, mathematical,

physical & mechanical sciences. A new center for Brain Research is expected to contribute to future growth

• The number of filed patents increased to 44 during FY16.

Source: Organisational websites, IP India, TechSci Research

Notes: R&D - Research and Development, IP - Intellectual Property,1 - This list is indicative

http://www.ndri.res.in/ndri



KEY PLAYERS IN R&D - INSTITUTES AND UNIVERSITIES1 … (2/2)


The Energy and Resources Institute (TERI)

• TERI is engaged in developing solutions to global problems in fields of energy, environment & sustainable

development, has also established research centers in Bengaluru, Goa, Guwahati, Himalayas, Mumbai

• The important research areas include biotechnology, earth science, climate change, technology development,

social transformation & modelling & economic analysis

• Deals in various sector projects such as Agriculture, Coal, Energy, Environment, Industry, Renewable Energy,

Information & Communication Technology, Rural Development, Climate Change, Economy, Forestry & Biodiversity

& etc.

Institute of Life Sciences (ILS)

• ILS undertakes basic & translational research in frontier areas of life sciences

• The institute’s research interests are in the areas of infectious disease biology, gene function & regulation &

translation research & technology development

Indian Institute for Advanced Studies (IIAS)

• IIAS is a residential centre for advanced research in humanities, social sciences & natural sciences

• Its major research areas include social, political & economic philosophy; comparative studies in philosophy &

religion; education, culture & arts; natural & life sciences; & national integration & nation building


Notes: R&D - Research and Development, 1 - This list is indicative


KEY PLAYERS IN R&D - PRIVATE SECTOR COMPANIES1



Hindustan Unilever Limited

• HUL is credited with innovations in product areas such as structured bar soap, fairness cream, zero alcohol soap,

poly-coated scouring bar for dishwashing, fortified salt, instant tea, critical components for a water purifying device,

& value-added (nature care) tea

• Worldwide, HUL has over 20,000 registered patents & patent applications

• HUL expenditure on scientific R & D is around USD6.05 million in FY16, where the total revenue expenditure is

USD5.67 million & USD0.38 million expenditure made as a capital expenditure

Tata Steel Limited

• Tata Steel undertakes research in areas such as raw materials & coke, iron & ferro alloys, steel making, coated

products, materials characterisation & joining, materials modelling & product design & refractory technology

• The total value of the patent is around USD16.65 million till FY16.

• The total patents filed was 71 and 32 patents were granted as on FY16.

Cipla Limited

• Cipla’s R&D division focuses on new product development & new drug delivery systems across a range of

therapies

• The company’s total R&D spending increased & reached USD158.16 million in FY16

• In 2016, Cipla filed more than 200 formulation development projects underway of which the top 50 projects address

a market size of US$30 billion based on innovator sales.

• It is among the top companies domestically in R&D spending


Notes: R&D - Research and Development, Growth, 1 - This list is indicative


Source: Times of India, Economic Times, The Hindu, Defence Now

Notes: ICBM - Inter-Continental Ballistic Missile, DRDO - Defence Research & Development Organisation,

HSL - Hindustan Shipyard Limited, LCA – Light Combat Aircraft

INNOVATION HAS BEEN A CORNERSTONE OF THE COUNTRY’S DEFENCE SECTOR


INS Vikrant

• India Indigenous

Aircraft Carrier (IAC)

• Total displacement of

over 40,000 tonnes

• Being built by Cochin

Shipyard Ltd.

• Expected to be

Commissioned in

2017

Agni-V missile

• Successfully test fired in April 2012

• India joined an elite group of nations having ICBM technology

• Indigenously developed by DRDO

• Nag has been developed in 2016, being a fire & forget, lockon-before-launch (LOBL), anti-tank guided missile.

Arihant Class Submarines

• With its launch in 2009, India joined an elite group of nations having nuclear-powered submarines

• Developed by HSL

• In 2016, the 1st

indigenous Sonar dome has been developed to scan the submarines threat & is attached at the bottom of the ship

Tejas

• 2nd supersonic aircraft

to be developed

indigenously by

Hindustan

Aeronautics Ltd.

(HAL)

• In July 2016, LCA

Tejas aircraft was

inducted into the

Indian Air Force

PORTERS FIVE FORCES ANALYSIS –

HEALTHCARE & BIOTECHNOLOGY



PORTERS FIVE FORCES ANALYSIS – HEALTHCARE

Source: TechSci Research

Note: R&D – Research and Development


Competitive Rivalry

• In a bid to discover the next block buster drug, competition between

the pharma companies are intense

• In addition, expiry of patents will also lead to further competition from

generic drug manufacturers

Threat of New Entrants Substitute Products

Bargaining Power of Suppliers Bargaining Power of Customers

• Huge R&D expenditure

requirement reduces threat of

new entrant

• Government regulation is strict

for this industry

• Bargaining power of suppliers

in this industry is high because

quality of products & timely

delivery matter & there is less

number of quality suppliers in

this industry

• Bargaining power of customers

is low due to undifferentiated

products

• Cheaper generic formulations

pose a threat to healthcare

companies

Competitive

Rivalry

(High)

Threat of New

Entrants

(Low)

Threat of

Substitute

Products

(Low)

Bargaining

Power of

Customers

(Low)

Bargaining

Power of

Suppliers

(High)


PORTERS FIVE FORCES ANALYSIS – BIOTECHNOLOGY




Competitive Rivalry

• High entry barriers due to the capital-intensive nature of the industry

has reduced competitive rivalry

• Entry of new players in the market has led to increased competition.

However, given the low success rate, rivalry is low

Threat of New Entrants Substitute Products

Bargaining Power of Suppliers Bargaining Power of Customers

• Capital intensive nature of

industry reduces the threat of

new entrants

• Strict government regulation

• Suppliers’ power is low

because the raw materials are

largely undifferentiated

• Individual buyers do not have

influence on pricing

• However, government price

control enhances buyer’s

power

• Patent protection stops the

threat of alternative drugs &

chemicals for a period of time

Competitive

Rivalry

(Moderate)

Threat of New

Entrants

(Low)

Substitute

Products

(Low)

Bargaining

Power of

Customers

(Low-Moderate)

Bargaining

Power of

Suppliers

(Low)

STRATEGIES ADOPTED –

HEALTHCARE & BIOTECHNOLOGY



STRATEGIES ADOPTED – HEALTHCARE

Source: Company website, TechSci Research


• Private players in the industry are making their supply chain efficient & leveraging economies of scope

to reduce cost. One such example is Narayan Hrudayalaya (NH) where health care is provided at

affordable cost. NH reduces cost by

• High procurement of medical supplies

• High-volume by high capacity utilisation and staff productivity

• Good human capital management (i.e. training)

• Leveraging the benefit of Information Technology to reduce cost & improve healthcare delivery

• Developing new & innovative healthcare services will help players in differentiating themselves from

others

• Healthcare providers are also trying to provide better services to differentiate themselves

• Players in Healthcare sector are heavily spending on R&D.

• Sun Pharma is focusing on specialty & chronic therapies such as neurology, oncology, dermatology,

rather than competing in anti infective & gastrointestinal therapies markets. Sun Pharma attained

volume & value leadership in many of these therapies

• Certain players in industry focus only on providing one kind of health care service to its customers &

gain expertise through research in the area. This also helps them to be the leader in that service. One

such example is Tata Memorial Hospital which is focused on treatment of cancer & provides leading

cancer treatment in India

Cost leadership

Differentiation

Focus



STRATEGIES ADOPTED – BIOTECHNOLOGY

Source: Company website, TechSci Research

Notes: R&D – Research and Development

• Higher emphasis on technological innovations that will improve efficiency & help in achieving cost

leadership. For example, Serum Institute of India is the leader in manufacturing vaccines against

Rubella, Tetanus, Measles, Diphtheria & it supplies vaccines to more than 100 countries across

the globe. Due to high volume sales the company has relatively low manufacturing cost

• Investing heavily on R&D to create new & innovative products. Biocon has subsidiaries, Syngene

International Ltd. & Clinigene International Ltd., these companies have been set up to focus on

clinical trials, drug discovery & development.

• Companies are creating barriers by applying for patents to curb replication of the drug by other

manufacturer. For example, until March 2016, Panacea filed over 1,500 patent applications,

including 230 in India

Cost leadership

Differentiation

Creating barriers


GROWTH DRIVERS



STRONG DEMAND AND POLICY SUPPORT DRIVING INVESTMENTS

Source: Battelle, Electronics for You, Organisational websites, TechSci Research

Notes: PPP - Public Private Partnership, R&D - Research and Development,

NMITLI - New Millennium Indian Technology Leadership Initiative,

CoE - Centre of Excellence, NIC - National Innovation Council


Policy support

PPP in R&D

Strengthening

educational

infrastructure

Amendments to the

Patents Act &

Setting up of NIC

Inviting Resulting

in

Growing demand

Evolving consumer

lifestyles

Liberalisation &

increasing competition

Proximity to future

growth markets

Increasing investments

Establishment of CoEs,

NMITLI initiative

Providing support to

global projects from

India

Increasing corporate

R&D investments


PHARMACEUTICAL SECTOR DRIVING R&D GROWTH



R&D spending by top six Pharma giants in FY16

(USD million)

India’s pharmaceutical market is highly fragmented, with

300 large & 18,000 mid-sized & small companies

The country’s pharma industry accounts for about 1.4 per

cent of the global pharma industry in value terms & 10 per

cent in volume terms

Indian healthcare sector, one of the fastest growing

industry, is expected to advance at a CAGR of 17 per cent

during 2011–20 to reach USD280 billion

This would help drive R&D growth in India; the average

R&D expenditure by Indian pharma companies is close to 6

per cent of total revenues

In January 2017, “Innovate in India” a strong intellectual

property framework to encourage innovation & to promote

development in India for new products & processes to make

India a pharmacy hub.

352

272.44244

158.16

104.03 10271.79


POLICY SUPPORT AIDING GROWTH IN THE SECTOR … (1/2)


PPP in R&D

• Exchange of scientific knowledge between research centers, national laboratories, institutes of higher

learning & the industry

• The Indian Government plans to involve the private sector in R&D mainly for sectors like vaccines,

drugs & pharmaceuticals, super computing, solar energy & electronic hardware. The govt. has

announced to create a USD16 million fund for setting up R&D units with the help of industries

• The government has created a USD1.1 billion public-private partnership fund to support R&D in India

Funded institutions and

foreign universities

• Government has announced to set up 5 new All India Institute of Medical Sciences in Jammu &

Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Assam & set up of IIT in Karnataka & Dhanbad

• Foreign universities permitted to enter the higher education system in India by establishing their own

campuses or joint ventures with existing universities

• Atal Innovation Mission with USD24.84 million will boost the academicians, Entrepreneurs &

researchers to work towards innovation

Science & Technology

• In Union Budget 2016-17, Government of India has announced its plans to make 10 public & 10

private institutions as world class teaching & research institutes

• Under Union Budget 2017-18, Central Government is planning to establish 100 India International

Skills Centres, across the country

Source: Battelle, Electronics for You, Union Budget 2015-16,

Organisational websites, TechSci Research

Note: PPP - Public Private Partnership



POLICY SUPPORT AIDING GROWTH IN THE SECTOR … (2/2)

National Innovation

Council (NIC)

• In 2010, NIC was set up to implement strategies for inclusive innovation in India & prepare a roadmap for

innovation over 2010-20, idea is to build a domestic model to cater to Indian needs

• Tasks of NIC include creating a framework to encourage innovation by central & state governments,

universities, R&D institutions & SMEs

• NIC build digital database of innovations across sectors & at grassroot. In addition NIC has also set up

sectorial Innovation council in Maharashtra

• NIC & the Ministry of Micro, Small & Medium Enterprises (MSME) jointly created India Inclusive

Innovation Fund (IIIF), currently IIIF investment limit is restricted to USD82 million & it invests in sectors

like healthcare, water, energy & agriculture.

Source: Battelle, TechSci Research

Note: SMEs - Small and Medium Enterprises

Atal Innovation

Mission

• Atal Innovation Mission (AIM) established in NITI Aayog with initial funding worth USD24.56 million for

promotion of R&D sector. The mission aims at providing innovation promotion platform to academicians,

entrepreneurs & researchers.

• Atal Innovation Mission would provide the framework to government for encouraging & promoting self

employment in Indian youth

Patents

(Amendment) Rules,

2016

• The time limit for filing response to 1st Examination Report (FER) has been reduced to 6 months.

• With a maximum of 2 adjournments hearings can now be conducted through video conferencing as well

as audio visual communication devices.

• Maximum fees for sequence listings would be USD1850, wherein, cost per page would be almost USD12.


SCIENCE TECHNOLOGY AND INNOVATION (STI) POLICY 2013



Introduction of STI

Policy 2013

• In January 2013, the Government of India introduced the Science, Technology & Innovation

(STI) policy 2013 at the centenary sessions of the Indian Science Congress held at Kolkata

Vision of STI Policy• The STI policy is aimed at helping India become one of the top 5 global scientific powers by

2020, by taking advantage of large demographic pool of engineers & science graduates

Rising involvement of

the private sector

• STI aims to boost innovation through R&D led by the Public-Private Partnership (PPP)

mode thereby increase the investments on R&D to 2 per cent of GDP by 2017 from current

1 per cent

Increase in human

resources

• The policy seeks to increase the number of full-time R&D personnel by 66 per cent over

2013–17 & expand the number of publications from the current 3.5 per cent of global share

to around 7 per cent by 2020


RECENT INVESTMENTS IN R&D BY KEY PLAYERS


Source: India Electronic News, Moneycontrol, CNBC, Economic Times, Appliancemagazine.com,

Business Standard, The Hindu, Company websites, TechSci Research

Note: R&D - Research and Development

2013

• Jan 13: DuPont has double

their R&D activities in India

• April 13: Yamaha

announced the

establishment of a R&D

centre in India

• Jun 13: Huawei has set up

a new R&D centre in

Bengaluru with an

investment of USD150

million

• Jul 13: OneOcean

Corporation has set up

ClipCard Technology

(R&D) centre in India

• Oct 13: Carraro India has

set up a new R&D centre in

India

• Jan 22: Intel India to invest

over USD120 million to

expand its Bengaluru R&D

center

• Mar 07: BASF opens

global R&D center in

Mumbai

• Sep 10: Valvoline

Communications Ltd (VCL)

a JV between Ashland Inc

& Cummins India Ltd will

open its R&D centers in

Ambernath near Mumbai

in Maharashtra

20142015

• August 2015: Foxconn

announced to invest USD5

billion in India over next 5

years to set up R&D

centers & manufacturing

plants

• May 2015: Ford Motor

company have announced

to invest around

USD829.46 million in R & D

center Chennai

• July 2015: Lupin, has

decided to invest

USD185.63 million in the

pharma sector.

2016

• May 2016: Royal Enfieldannounced its plans toinvest USD91.7 million insetting up 2 new R&Dcenters, one of which wouldbe setup in Chennai, inFY17

• Mar 2016: Daikin, underMake in India initiative, isplanning to invest aroundUSD91 billion to establishR&D centre & amanufacturing unit inRajasthan

• 2015-16: In FY16, thefollowing have been spentin R&D: Sun Pharma:US$342.56 billion, DrReddy's LaboratoriesUS$266.25 billion, LupinUS$257.62 billion, CiplaUS$153.95 billion, AlembicPharma US$37.93 & AjantaPharma US$22.16 billion.



RECENT INVESTMENTS IN R&D BY GOVERNMENT

Source: India Electronic News, Moneycontrol, CNBC, Economic Times, Union Budget,

Appliancemagazine.com, Business Standard, The Hindu, Company websites, TechSci Research

Note: R&D - Research and Development

NMITLI-New Millennium Indian Technology Leadership Initiative

Centers of Excellence

(CoEs)

• In 2015, National

Association of Software &

Services Companies

(NASSCOM), Department

of Electronics &

Information Technology

(DeitY) & Education &

Research Network

(ERNET) jointly has

formed Center of

Excellence with the seed

funding done by

government.

• COEs are generally run on

PPP model

• CoEs have been set up in

the areas of telecom,

wireless technology, bio-

informatics, lasers,

optoelectronic devices &

nano-electronics

NMITLI

• The programme identifies

areas for development

based on national

consultation & invites best

partners from institutions,

academia & private sector

to play a role in the

process

• NMITLI have received a

budgetary allocation of

USD4.91 million under the

Union Budget 2015-16. It

has initiated 60 largely

networked projects in

diverse areas involving 85

industry partners & 280

R&D groups from different

institutions with investment

outlay of USD114 million

Centrally funded institutesCentral and foreign

universities

• New universities in 16

uncovered states

• The remaining 14 new

Central Universities will be

set up as world class

centers of excellence at

different locations

• Foreign universities can

enter higher education

system in India by having

their own campuses or joint

ventures with existing

universities

• 12 teacher education

courses & 3 new

programmes have been

upgraded

• These institutes together

account for over 80 per cent

of the total PhDs in

engineering in India

• In Union Budget 2016-17,

government has announced

to make 10 public & 10

private institutions as world

class institutes

• Budget 2017: One national

testing agency, UGC

reforms, autonomy for

universities proposed.

Students to be free of

‘burden’ of preparing for

multiple exams.

OPPORTUNITIES



Source: ARAI, Business Standard, India Law Office, Deloitte, TechSci Research

Notes: IT - Information Technology, ARAI - Automotive Research Association of India,

NVH - Noise, Vibration and Harshness, ANDA – Abbreviated New Drug Application,

US FDA – United States Food and Drug Administration


Pharma and healthcare

• Indian healthcare sector, one of the fastest growing industry, is expected to advance at a CAGR of

22.87 per cent during 2015–20 to reach USD280 billion

• Contract research is one of the fastest growing segment in the Indian healthcare industry. CRAMS

industry is estimated to reach USD18 billion in 2018 and expected to witness a strong growth at a

CAGR of 18-20 per cent during 2015-18

• Indian pharmaceuticals market is estimated to reach around USD30 billion in 2015. The country’s

pharmaceutical industry is expected to expand at a CAGR of 12.89 per cent over 2015–20 to

reach USD55 billion

• The number of ANDA approvals granted by US FDA increased from 109 in FY15 to 201 in FY16 to

the Indian companies

Information Technology

(IT)

• India is seen as a product development destination

• Companies are offshoring their product responsibilities including complex services like product

management

• NASSCOM of India signed IoT Innovation Agreement with Georgia Tech.

Automobiles

• Research is being carried out by individual companies as well as industry associations such as

ARAI in various areas such as structural dynamics, safety, NVH & electronics

• India is the 6th largest auto market in the world & is poised to become the 3rd largest by 2020

OPPORTUNITIES (1/2)


Source: ARAI, Business Standard, Planning Commission,

India Law Office, TechSci Research

Notes: IT - Information Technology, ARAI - Automotive Research Association of India,

NVH - Noise, Vibration and Harshness, DBT – Department of Biotechnology


Biotechnology

• By FY25, India’s biotech industry is estimated to increase to USD100 billion from USD27.58 billion in 2016

• Protein & antibody production & fabrication of diagnostic protein chips are promising areas for investment

• Stem cell research, cell engineering & cell-based therapeutics are other areas, wherein India will cash in its

expertise

Agriculture

• India has the potential to become a major producer of transgenic rice & several Genetically Modified (GM)

or engineered vegetables

• Hybrid seeds, including GM seeds, represent new business opportunities in India based on yield

improvement

• According to International Service for the Acquisition of Agri-Biotech Applications, India has the fourth

largest area covered under genetically modified crops

• In India, 11.57 million hectares of area is covered under genetically modified crops which is majorly

dominated by Bt cotton.

• In 12th Five-Year Plan, DBT has proposed to support 10 agricultural universities through R&D grants to

promote R&D on agriculture

• In Union Budget FY17, the government, under the Accelerated Irrigation Benefit Programme (AIBP), would

ensure to complete 23 irrigation projects, before March 2017

OPPORTUNITIES(2/2)


Source: Zinnov - Crossing the value chasm

Notes G500 – Global 500 companies


OPPORTUNITIES OF JOB CREATION BY GLOBAL 500 COMPANIES

There is a potential to create 200,000 R&D jobs by global

500 companies in the next 5 years

During 2013-18, R&D headcount is expected to increase at

a CAGR of 15.8 per cent

Around 50 per cent of the global 500 companies present

have more than 10 per cent of the global headcount in India

Talent pool for R&D in the country is expected to grow at a

CAGR of 10.9 per cent from present 0.6 million to 1 million

by 2020.

928 MNCs & 1165 R&D centers together employ 55 per

cent of India’s total R&D installed talent base. The

workforce is expected to increase to 0.52 million by 2020

Software/Internet domain account for over 37 per cent of the

total MNC R&D installed workforce

176

366

313

229

489

595

2013 2018

R&D headcount Remaining addressable population

R&D headcount by G500 (‘000)

R&D Talent Distribution

6,10,000

10,20,000

2015 2020

CAGR: 11%

SUCCESS STORIES


4646JUNE 2017

38

26

75

42 6

0

10

8

45 57

26

84

42

12

41

39 5

8 75

5 14 17 4

3 47

23

2

31

4

41

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16

Formulation Patents API/Process Patents NCE Patents


Source: Lupin website, Lupin Reports

Notes: API - Active Pharmaceutical Ingredient, CNS - Central Nervous

System, NSAIDS - Non-Steroidal Anti-Inflammatory Drugs,

TB - Tuberculosis, NCE - New Chemical Entity

Patents filed by LupinLupin is a renowned pharma player having a wide range of

quality, affordable generic & branded formulations & APIs

Lupin has emerged as the 5th largest & among the top 5

fastest-growing companies in the US

It is one of the world’s largest manufacturers of TB drugs &

has significant market share in the cardiovascular,

diabetology, asthma, paediatrics, CNS, Anti-infectives &

NSAIDs therapy segments

By FY16, Lupin’s total patent filing reached 2,525 up from

600 in FY08

The company is amongst the fastest growing in top 10

generic pharmaceutical players in Japan & South Africa


LUPIN: ON A HIGH GROWTH PATH … (1/2)

4747JUNE 2017

822.51006.7

1250.9

1484.6

1742.11839.2

2090.2 2093.1




LUPIN: ON A HIGH GROWTH PATH … (2/2)

Source: Lupin website

Notes: CAGR - Compound Annual Growth Rate

Lupin net sales (USD million)Its revenues increased from USD822.5 million in FY09 to

USD2.09 billion in FY16, at a CAGR of 14.3 per cent

Lupin’s domestic formulations business grew by 6.6 per

cent recording revenues of USD518.1 million for FY16 in

comparison with USD486.1 million for FY15CAGR: 14.3%


INFOSYS: NURTURING INNOVATION IN IT … (1/2)


Indian IT patent applications ( FY16)Infosys has 3rd highest number of patents applications in India

Research activity for different areas is allocated amongst

dedicated labs such as Software Engineering lab, Convergence

lab, Security & Privacy lab, Distributed Computing lab & E-Com

lab

During FY11-17, the company’s revenues increased at a CAGR

of 9.24 per cent to USD10.2 billion in FY17 from USD6.0 billion

in FY11

During the same period, net profit expanded at a CAGR of 6.01

per cent to USD2.13 billion in FY17 from USD1.5 billion in FY11

Infosys spent USD52.2 million in R&D expenses during FY17

As of November 2016, Infosys through its innovation fund

invested USD 2.17 million in UNSILO, a Danish-based artificial

intelligence start up

Source: Office of the Controller General of Patents,

Designs and Trademarks Annual Report, Intellectual Property India Annual

Report 2014-15, Company Annual Reports, TechSci Research

Income and net profit (USD billion)

HCL

Indian Institute of Technology(Collective)

Wipro Limited

TCS

Samsung R&D Institute India

6 6.9

7.4

8.2

8.7

9.5

10.2

1.51.7 1.7 1.8

2 2.05 2.13

0

0.5

1

1.5

2

2.5

0

2

4

6

8

10

12

FY11 FY12 FY13 FY14 FY15 FY16 FY17

Sales Net Profit



TCS: NURTURING INNOVATION IN IT… (2/2)

Source: Company Annual Reports, TechSci Research:

Note: CAGR - Compound Annual Growth Rate

Sales and net profit (USD billion)During FY09–17, the company’s revenues increased

at a CAGR of 14.31 per cent, reaching USD17.5

billion in FY17 from USD6 billion in FY09

During the same period, net profit expanded at a

CAGR of 17.14 per cent to USD3.9 billion from

USD1.1 billion

TCS spent USD171.3 million in R&D & innovation

expenses during FY16, out of which total sum spent

on R&D was USD36.2 million in the same year

6 6.3

8.2

10.4

11.6

13.6

15.7

16.6

17.5

1.11.5

22.2

2.6

3.2 3.33.7

3.9

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

0

2

4

6

8

10

12

14

16

18

20

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17

Sales Net Profit


HUL: A LEADING INNOVATOR IN FMCG


Source: Economic Times, Company Annual Reports,

Company website, TechSci Research

Notes: CAGR: Compound Annual Growth Rate,

Strong research and development (USD million)Incorporated in 1933, HUL is India’s leading company

by sales in the Fast-Moving Consumer Goods (FMCG)

sector in India. British-Dutch company Unilever owns a

majority stake of 52 per cent in HUL

HUL has won the top FMCG award at the Dun &

Bradstreet Corporate Awards 2015

Hindustan Unilever Ltd. (HUL) has been ranked No. 31

in India on the Forbes list of Most Innovative

Companies across the globe for 2016.

The company has over 20,000 registered patents &

patent applications worldwide

HUL is also driving innovation in various categories

such as oral care, personal products & soaps &

detergents etc.

19

22

34.4

20.7

15.1

10.28.8

4.4


USEFUL INFORMATION


5252JUNE 2017

INDUSTRY ASSOCIATIONS

Automotive Research Association of India (ARAI)Survey No 102, Vetal Hill, Off Paud Road, Kothrud,

Pune - 411 038

Tel: 91-020 30231111

Fax: 91-020 25434190

E-mail: [email protected]

Website: www.araiindia.com

Indian Society for Clinical Research (ISCR)c/o Pfizer center, 5, Patel Estate, S.V.Road, Jogeshwari(West),

Mumbai-400 102

Tel: 91-022 26774140, 66932028

E-mail: [email protected]

Website: www.iscr.org

The South India Textile Research Association (SITRA)13/37, Avanashi Road, Coimbatore - 641 014

Tel: 91-422 2574367, 6544188

Fax: 91-422 2571896

Email: [email protected]

Website: www.sitra.org.in



5353JUNE 2017

GLOSSARY … (1/2)

API: Active Pharmaceutical Ingredient

ARAI: Automotive Research Association of India

CAGR: Compound Annual Growth Rate

CoE: Center of Excellence

DRDO: Defence Research and Development Organisation

FDI: Foreign Direct Investment

FY: Indian Financial year (April to March)

So FY10 implies April 2009 to March 2010

GDP: Gross Domestic Product

GERD: Gross Domestic Expenditure on Research and Development

HAL: Hindustan Aeronautics Limited

HSL: Hindustan Shipyard Limited



5454JUNE 2017

GLOSSARY … (2/2)

IAC: Indigenous Aircraft Carrier

ICBM: Intercontinental Ballistic Missile

IT: Information Technology

NMITLI: New Millennium Indian Technology Leadership Initiative

NVH: Noise Vibration and Harshness

PPP: Public Private Partnership

PPP: Purchasing Power Parity

R&D: Research and Development

TRIPS: Trade Related Aspects of Intellectual Property Rights

USD: US Dollar

WTO: World Trade Organisation

Wherever applicable, numbers have been rounded off to the nearest whole number



5555JUNE 2017

Year INR equivalent of one USD

2004–05 44.81

2005–06 44.14

2006–07 45.14

2007–08 40.27

2008–09 46.14

2009–10 47.42

2010–11 45.62

2011–12 46.88

2012–13 54.31

2013–14 60.28

2014-15 61.06

2015-16 65.46

2016-17 (E) 66.95

Year INR equivalent of one USD

2005 43.98

2006 45.18

2007 41.34

2008 43.62

2009 48.42

2010 45.72

2011 46.85

2012 53.46

2013 58.44

2014 61.03

2015 64.15

2016 (Expected) 67.22

Exchange rates (Fiscal Year)


EXCHANGE RATES

Exchange rates (Calendar Year)

Source: Reserve bank of India,

Average for the year


5656JUNE 2017

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