The field of research management (RM) has emerged as a tool to create an enabling research environment within universities, where researchers can get support, including but not limited to management of their research grant, getting legal and technology transfer-related advice and finding ways of increasing the impact of their research and innovation. In this report, we discuss some of the current conceptual challenges related to RM and look into the details of the current scenario and future potential of RM in India. This report has emerged from the study of cases in India and around the world, coupled with one-on-one interactions with some of the leading professionals engaged in providing RM services at Indian higher educational institutions (HEIs). Some of the key findings that emerged from this study include the evolving RM priorities of Indian HEIs and the lack of a defined career trajectory for RM professionals engaged in providing the service. We discuss in detail the current and potential role of various stakeholders in the RM system. A dedicated chapter on the role of markets highlights the current lack of involvement of the private sector and the potential it has to transform research management in India—as a service provider, a contributor, and a beneficiary. The way forward for research universities without any current RM mechanism has also been discussed in detail.