Venture Center recently hosted an insightful fireside chat with Dr. Vijay Kelkar, one of India’s most distinguished economists and policymakers. The session, moderated by Dr. Premnath Venugopalan (Founding Director, Venture Center) and Dr. Ashish Lele (Director, CSIR-NCL), delved into critical issues surrounding India's science and technology ecosystem, government investments in research, and the role of knowledge in shaping policy.
Dr. Kelkar shared compelling stories from his decades-long career in public policy, offering the audience a rare glimpse into decision-making at the highest levels of government. The discussion explored a broad range of themes, including the long-term vision for India's scientific progress, the balance between foundational and translational research, and the role of individuals in strengthening policymaking.
A key question raised was how governments and society should approach investing in research and innovation. Is research investment similar to investing in a business, where returns are expected in a defined timeframe? Or should it be seen as a fundamental driver of long-term national progress?
Dr. Kelkar emphasized that while quick wins are valuable, truly transformative research—such as advancements in space technology, artificial intelligence, and biotechnology—requires patience and sustained investment. He cited the example of Homi Bhabha, who played a pivotal role in India's atomic energy program. Bhabha was firm in ensuring that scientific research remained independent of bureaucratic delays.
Another critical debate centered on the distribution of research funding. Dr. Kelkar pointed out that institutions like ISRO, CSIR, and NAL have delivered immense value through their work in space technology, materials science, and industrial research. He noted that the challenge is designing policies that cater to large-scale national labs and universities while ensuring that funding decisions are driven by well-defined goals rather than political or bureaucratic considerations.
One of the most engaging parts of the discussion revolved around the importance of social cost-benefit analysis in evaluating investments in science and technology. Dr. Kelkar recalled his time chairing various committee that assessed research projects' socio-economic impact. He emphasized that while it is easier to quantify costs, understanding long-term benefits—especially for research that does not have immediate commercial applications—requires a sophisticated approach.
An interesting example he mentioned was the case of India’s space program. Initially, skeptics questioned whether a developing country like India should be spending resources on space exploration. However, long-term assessments showed that investments in ISRO led to technological advancements in communication, remote sensing, and meteorology, ultimately generating benefits that far exceeded initial costs.
The conversation also touched upon Dr. Kelkar’s book, In Service of the Republic, and the role of individuals in shaping policy. A recurring theme was the importance of knowledge-based policymaking in an era where misinformation spreads rapidly. Dr. Kelkar stressed meaningful change requires persistence, deep thinking, and long-term strategy, rather than short-term sensationalism. He noted that confident policymakers work in the open, engaging with experts and the public, rather than making decisions in isolation.
The fireside chat was an engaging and thought-provoking session, leaving the audience with valuable insights into how India can shape its scientific and economic future. Dr. Kelkar’s vast experience, combined with his deep understanding of economics, governance, and research policy, made for a fascinating discussion. As India navigates the challenges of the 21st century, conversations like these are essential in guiding the nation toward a future built on innovation, knowledge, and well-thought-out policy decisions.
You can watch the entire talk here