Indian Government to Fund R&D Cyber Security Expenditure
The Indian government has been pushing for increased cyber security measures, which have saved them Rs 57,000 crore since 2014. Smartphone manufacturers are now required to be security compliant and provide details of the cyber security firewalls in their phones. Recently, the government announced that it will cover R&D costs up to Rs 5 crore incurred for the development of original cyber security products within the country.
There is a push for the government to increase the uptake of digital technologies in order to move the country forward, and with this comes the need for better cyber security measures. Security solutions will be developed for telecommunications services by the Centre for Development of Telematics (C-DoT), India’s R&D wing and then manufactured locally to reduce reliance on multinational corporations. The nation’s service providers, like MTNL and BSNL, are currently being managed by international companies including ZTE, Nokia and Huawei.
C-DoT telecom secretary Aruna Sundararajan said that for providing services to over a billion people, there was no other way than to go digital. India has the largest number of people on digital platforms like Facebook, which have become of great significance in social and financial interactions. Another government initiative includes the Digital India program, which aims to improve online infrastructure and provide 100% teledensity.
The country’s IT industry is worth $150 billion and employs around 4 million workers. IT budgets are now moving towards digital technologies like cyber security, cloud computing, the Internet of Things and artificial intelligence. Corporate R&D spending has transitioned from hardware to software in many sectors, with India considered by many as the software capital of the world. “Value creation has shifted to embedded software” states Vijay Ratnaparkhe, Managing Director of Bosch. By 2025, digital-led companies are expected to bring in 60% of the IT industry’s revenue.
India has seen a surge in global R&D centres with tech giants like Google, LinkedIn and Facebook building there. These global innovation centres help nurture India’s startup ecosystem, giving them the opportunity to work on large global projects. If your company is participating in R&D for cyber security development, find out how to apply for funding by contacting Swanson Reed R&D Tax Advisors.