'Where are India's Nobel prizes...': Myntra founder calls out India’s failing 0.6% R&D spend

'Where are India's Nobel prizes...': Myntra founder calls out India’s failing 0.6% R&D spend

Bansal warns, “a handful of global firms are shaping the future of innovation.” If India wants to reclaim its place at the forefront of scientific discovery, he argues, it must act now.

Bansal calls for a “Manhattan Project for Indian science and tech”Bansal calls for a “Manhattan Project for Indian science and tech”
Business Today Desk
  • Mar 19, 2025,
  • Updated Mar 19, 2025, 8:27 AM IST

India was once a global leader in science, mathematics, and astronomy for over 2,000 years. From the groundbreaking work of S.N. Bose to Ramanujan’s mathematical genius, Indian minds have shaped modern scientific thought. Yet today, the country is far from the frontier of cutting-edge technology.

Myntra co-founder Mukesh Bansal is raising the alarm. “For 2,000 years, India led the world in science, mathematics, and astronomy,” he writes on X. “Yet today, we heavily depend on the US and China for cutting-edge technologies like AI, GPUs, semiconductors, quantum computing, biotech, and new blockbuster drugs.”

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Bansal highlights India’s past scientific achievements, pointing to Nobel laureates like CV Raman, S. Chandrasekhar, and Abdus Salam. He notes that while S.N. Bose never received the Nobel, his name lives on in Bose-Einstein condensate and bosons—integral to our understanding of particle physics. Institutions like IISc, TIFR, IITs, and BARC laid the groundwork for modern research, and visionaries like Homi Bhabha, Satish Dhawan, and APJ Abdul Kalam achieved remarkable progress despite limited resources.

But today, Bansal warns, “a handful of global firms are shaping the future of innovation.” If India wants to reclaim its place at the forefront of scientific discovery, he argues, it must act now. He calls for a “Manhattan Project for Indian science and tech,” outlining five urgent priorities:

  • Increase R&D spending to 1.5-2% of GDP (currently just 0.6%).
  • Build a deep-tech startup ecosystem with strong industry-academia collaboration.
  • Strengthen STEM education and inspire a love for science and math from an early age.
  • Encourage researchers and faculty to launch companies and commercialize innovation.
  • Invest in long-term research to drive breakthrough discoveries and original intellectual property.

“India has the talent,” Bansal asserts, “but now, we need bold leadership, decisive reforms, and a moonshot mindset.”

His vision? 100 original-IP unicorns and a new wave of Indian Nobel laureates in the 21st century.

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