The tradition of science and technology (S&T) in India is over 5,000 years old. The S&T infrastructure has grown up from about Rs. 10 million at the time of independence in 1947 to Rs. 30 billion in 2006. India has the third largest scientific and technical manpower in the world; 162 universities award 4,000 doctorates and 35,000 postgraduate degrees and the Council of Scientific and Industrial Research runs 40 research laboratories.

By maximizing the power of technology, we can strengthen the quality and affordability of our health care, advance climate-friendly energy development and deployment, and improve education throughout the country. Thus it should be into the mainstream of economic planning in the sectors of agriculture, industry and services.

Intellectual capital is known to be the prime mover of economic activity. The dominance by the West and the rise of Asian countries like Japan and Korea can directly be related to the excellence in innovation, technological upgradation and research & development. India's emergence as a global R&D hub is a process that began more than a decade ago. Realizing the promise and potential that India has to offer in the field of R & D, FICCI instituted a special wing dedicated to this sector.