A new report calls for India to significantly increase research and development investment to strengthen its manufacturing sector and improve global competitiveness.
India's current R&D spending stands at just 0.6% of GDP, limiting manufacturing growth according to the analysis. The report recommends raising this to 2% of GDP by 2035 through greater private sector participation and improved innovation systems.
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Premier Li Qiang delivered the government work report to China's National People's Congress on March 5, 2026, setting a 2026 GDP growth target of 4.5-5% and outlining priorities for the 15th Five-Year Plan (2026-2030), including technological innovation, economic security, public well-being, energy production and decarbonisation. The report announced 20 growth targets across economy, technology, healthcare and more, plus 109 major projects in six areas—up from 102 previously—to support doubling 2020 per capita GDP by 2035.
The Rajasthan Cabinet approved a new industrial development policy on May 22, 2026, with emphasis on the talent economy and private sector involvement. The policy aims to build world-class infrastructure and boost the state economy to $350 billion by 2028-29.
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Major revisions to India's GDP data, published by the government on Friday, indicate it will take longer than expected for the country to surpass Japan as the world's fourth-largest economy. The new base year estimates put nominal GDP at 345.47 trillion rupees for the fiscal year ending March, lower than the previous series' forecast of 357.14 trillion rupees.
Global IT spending will reach $6.31 trillion this year, propelled by artificial intelligence, according to Gartner. Indian IT firms face a margin squeeze as clients demand cost savings from AI adoption. The sector, however, spots opportunities in managed services.
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Prime Minister Narendra Modi has urged citizens to reduce spending on gold and petroleum products amid falling foreign exchange reserves and rising import bills linked to the West Asia conflict.