Underlining low investments in research and innovation as compared to other countries, President Ram Nath Kovind on Monday said both Centre and states will have to increase funding in research and innovation to give impetus to a large economy like India.

In his inaugural address at Governors' virtual conference on New Education Policy (NEP) 2020, Kovind said the level of investment in research and innovation is 2.8 per cent of GDP in the US, 4.2 per cent in South Korea and 4.3 per cent in Israel as compared to only 0.7 per cent in India.