The latest report by the Department of Science and Technology on India’s research profile reveals a major milestone. The R&D spending hovered in the range of 0.6% to 0.85% for nearly 20 years despite India’s economy growing several-fold. Understandably, private R&D follows sectors that promise near-term commercial returns: generic and specialty pharmaceuticals, IT services and software products, automotive components and EVs, and consumer-facing digital technologies. A large share of private R&D is concentrated in a narrow set of sectors. Also, public research institutions and private industry have historically operated in separate silos, with limited co-funded research or faculty-industry mobility, unlike the tightly integrated innovation ecosystems of the US or Germany.