Prasad was speaking after inaugurating the Kumaraguru Centre for Industrial Research & Innovation at the Kumaraguru College of Technology in Coimbatore.
One of DRDL's signature products is Aakash missile. "The investment for research by DRDL on Aakash was Rs 250crore. Today, we have production orders worth Rs 25,000 crore," he said.
Prasad said India would become a superpower in 10 years. "India is growing rapidly on the economic front. It is believed that the country will become a superpower in the next 10 years," said Prasad.
"By 2024, India will be the most populated country. The country should focus on science and research for industrial development," he said.
Prasad said it was essential for every industry to invest in research and development. "Every industry cannot afford to have its own R&D facility. Hence it outsources its R&D. Such innovation centres will come into play in helping industry resolve problems," said Prasad. "Each industry should invest at least 2% of its revenue in R&D," he said.
The director of DRDL pointed out that India invests only 0.9% of its expenditure in research. "The idea has always been to spend 2% every year, but we have never been able to spend more than 0.9%. Of this, one-fourth investment comes from industry," he said.
He congratulated the KCT management for setting up a centre of industrial research and innovation. The KC IRI will take up industrial problems and carry out research to address these issues.
"KCT should network with retired scientists of DRDO and ISRO and utilise their expertise in solving industrial problems," said Prasad.
The DRDL director said the KC IRI should focus on ensuring good quality products. "At the same time, the centre should also focus on value engineering. It is essential to bring down the cost of the products," said Prasad.