(Article by Sangharsh Kale. Sangharsh is a management graduate from Mumbai who joined SCPL as an intern and has graduated as the R&D Incentives Associate.)
The Covid-19 pandemic has affected economies all around the world adversely. Supply chain has been disrupted due to regional lockdowns owing to the pandemic. India is still not able to fully recover from the pandemic.
Keeping this is mind the government has come up with “Aatmanirbhar Bharat” initiative which translates to Self-Reliant India. This requires companies to make investments in Research & Development for manufacturing locally.
Research & Development (R&D) in most companies is scattered & is normally a part of their production or QC department. Public listed companies are mandated to have a dedicated R&D set up that supports new development & addresses problems of the customers, if any.
We at Scinnovation Consultants help companies to streamline R&D set-up so that the above mentioned issues are dealt with optimally. DSIR Recognition certification is a great way to incentivize the management to focus on R&D it also is a hallmark of technical prowess. Tech is the new mantra & about 25% of S&P Index, which tracks USA economy comprises of tech stocks & to develop tech companies need to invest in R&D in a disciplined manner.