Increasing numbers of major brand owners are enhancing their innovation capabilities in India, reflecting a desire to tap this fast-growing market.
Zinnov, the consultancy, reported that the 1,000 highest-spending firms globally allocated $582bn to R&D in the 2010/11 fiscal year, the Times of India reported.
This constituted an improvement on the $538bn posted in 2009/10, when worldwide expenditure levels slipped from $543bn due to the economic downturn.
Focusing on India, Zinnov stated that 871 multinational corporations possess new product development centres in the country at present.
Such a total can be measured against the figure of 780 recorded in 2008, and means over a third of the 1,000 enterprises boasting the largest budgets are today funding a local R&D unit.
More specifically, the study revealed that a rising proportion of the 1,000 premier businesses that are based outside the US are currently active in India, as 28% now run Indian innovation sites.