India spends a low percentage of its GDP on research and development compared to other countries, and contributes a small percentage to global research output and patents. This is due to factors such as lack of quality education, limited private sector investment in R&D, insufficient funding and infrastructure for research, and poor coordination between government, industries, and institutions. The document proposes solutions like increasing public-private partnerships in research and sharing resources, strengthening intellectual property laws, mandating R&D departments in large private companies, and establishing specialized research universities and public sector research organizations. This is expected to reduce import dependency and the current account deficit while boosting innovation and economic growth.