Currently India imports technology from countries like the USA, Russia and Israel. The reason for this is lack of innovation. India spends a mere 0.9% of its Gross Domestic Product on Research and development. This needs to be increased to at least 3%.Without this, the desire to become a developed country will remain a distant dream. China spends 1.84% of its GDP on research whereas the United States spends 2.79%.Science and technology is pivotal to the growth of other sectors of the economy. India produces nearly 600 thousand engineers per year but very little emphasis has been paid to research and development. Wealth of a nation comes from research. There is no university in India for the purpose of innovation.