The present paper examines how a developing country like India is competing in the nanotechnology race. Our study shows that both upstream scientific and technological capabilities and downstream regulatory capabilities are being strengthened. India has clearly made a dent in terms of scientific publications (with the main focus being on nanomaterials), in the 'technology market' its patenting performance (with the principle focus on nanopolymers and nanocatalysts) though not extraordinary is good compared to other emerging economies spending similar amounts. In the 'final products' market some biotech and ICT incumbents are moving towards nano but the bulk of the new firms are in the field of nanomaterials. These achievements are particularly noteworthy given the much smaller quantity of funds invested by the Indian State as compared to the international leaders in nanotechnology. However, even with these initial optimistic results, the paper casts doubt on whether it is in the interests of economic growth or social welfare that India's science and innovation, and intellectual property policies are being increasingly modeled on the lines of developed countries so as to attempt to compete or collaborate with them without a better realignment and functioning of existing capabilities. Following the 'ICT' (i.e. information and communications technology) and biotechnology revolutions, nanotechnology is the latest star in the set of 'radical' technologies' predicted to have the potential to profoundly change the mode of production in almost all industries. Defined as "the understanding and control of matter at dimensions between approximately 1 and 100 nanometers, where unique phenomena enable novel applications" 1,2 nanotechnology is expected to open up enormous vistas for experimentation and innovation generation (Drexler (1986), Harris (1999), The Royal Society (2004) and Foster (2006)). Like ICT and biotechnology, nanotechnology is a generic, platform technology with potential multisectorial applications. However, unlike ICT but more in line with biotechnology, nanotechnology promises applications that can promote inclusive development. For instance Salamanca-Buentello et al., (2005) spell out the types of nanotechnology applications, with specific examples, that can contribute to the attainment of each of the 'Millennium Development Goals' which 181 countries are committed to achieve during the coming decades. Given the world wide impact of ICT and biotechnology, and the announced glory of nanotechnology, it is no wonder that both developed and developing countries with established scientific capabilities are plunging to take part in the nanotechnology race -following the lead of the USA in terms of high public investment. However, the players have started the race at substantially different times. Furthermore, they do not have the same knowledge base, equipment or scientific and technological capabilities and the opportunity cost of every unit of funds diverted into this endeavour is higher for develop...
