This paper examines whether the market-oriented economic reforms adopted by the Government of India since 1991 help in increasing the R&D activity at the national level and the manufacturing sector, in particular. The R&D activity at the aggregate level, and the manufacturing sector, during both the pre- and post-reform periods are mapped, to examine the impact of economic reforms. It is then closely examined whether in the post-reform period the level of R&D activity has improved, and foreign firms increased their presence along with R&D activity in the country. Furthermore, the relationship between R&D and other variables such as size, technology import, and ownership are empirically examined. The results indicate that though the level of R&D activity in the manufacturing sector during the post-reform period has increased, market-oriented economic policies have not been able to stimulate R&D to the extent it is expected, thus hindering the growth of the manufacturing sector.
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