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Year on year, Indian companies squeeze spending on research and development

The little money they have invested in a decade went into recurring expenses

biocon, pharma, research
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Anoushka Sawhney New Delhi

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Indian companies spent Rs 651.3 trillion in the last decade, but less than one per cent of that money went on research and development (R&D). As a share of net sales, spending on R&D was 0.3 per cent in the Financial Year 2022-23 (FY23). It was 0.4 per cent in FY19.

This analysis covers 445 S&P BSE 500 companies with uniform data across years. (Chart 1)


Of the total R&D expenditure companies make, most goes on recurring expenses like salaries, wages, and maintenance. Recurring comprised little more than 80 per cent of companies' R&D expense in

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