In a Twitter conversation, Zoho CEO Sirdhar Vembu outlined how India can create globally competitive businesses like Apple, Google, Pfizer, Samsung, Honda, Boeing, Siemens, TSMC, or Huawei.
He asked, “Why are these firms so crucial to their host countries? ” in a Tweet.
Is India on the right track to creating these businesses? I’ll delve into these inquiries.”
He wrote, “These enterprises are tremendously vital to their host nations because they encapsulate within themselves the cutting-edge know-how and R & D skills necessary for modern living and nationhood,” in response to the question, “Why are these companies so important to their host nations? The most important R&D takes place in these businesses.”
Vembu clarified how India may create such businesses in another tweet, writing, “Let me now get to the “how.” India’s private sector must make significant investments in R&D if it hopes to create such businesses. There isn’t another option. Government should encourage and influence businesses to make R&D investments. Academic research and industrial R&D are not the same thing.
According to Vembu, India needs to invest extensively in R&D in the private sector if it wants a $30 trillion economy.
“Investments in private sector R&D yield significant returns. High GDP growth and high GDP per capita reflect such aggregated private sector profits. We must make significant investments in R & D in the private sector if we want a $30 trillion economy. a one-point plan,”
Further elaborating on how trained workers will arrive to staff them when the private sector invests in R&D.
“Where will locate the skilled personnel to staff private sector R&D?” he asked in his essay.
When the private sector makes significant investments in R&D and communicates its strong commitment, bright individuals stay at home. If we build it, they will come. Similar to how Zoho has done it, businesses find ways to develop and nurture talent.
Vembu added that given the current trend, India is not likely to produce such massive corporations because the private sector is not investing enough in R&D. He did, however, emphasise that businesses need to develop an R&D-driven culture and mentality.
