Does R&D Drive Stock Returns?
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In February 2026, Uday Kotak told an EY awards audience that Indian companies should invest at least 10 per cent of revenue in research and development. In early June, he returned to the theme with a public wake-up call to India Inc., issued as news broke of Google’s USD 80 billion capital raise. His worry was that firms which buy their technology abroad will not own the next economy.
In February 2026, Uday Kotak told an EY awards audience that Indian companies should invest at least 10 per cent of revenue in research and development. In early June, he returned to the theme with a public wake-up call to India Inc., issued as news broke of Google’s USD 80 billion capital raise. His worry was that firms which buy their technology abroad will not own the next economy.
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