Globally, India figures at near the bottom in terms of R&D intensity. It spends less than one percentage of its GDP on R&D expenditure, Countries like Israel, Finland, Sweden, Korea, Japan, US and Germany have R&D intensities that are higher by three times or more. Fourth, a key issue related to productivity is our attitude to work.
See Debelle and Fischer (1994) for an analysis of the distinction between types of independence. 3  -3In the area of bank regulation, too, the Fed has a degree of independence, as do the other federal bank regulators. Independence in this area helps ensure that the public can be confident that our supervisory decisions are not influenced by political considerations.