Dr. Jitendra Singh, Union Minister of State for Science & Technology, Earth Sciences, and other departments, stated that India is becoming a global knowledge-based economy. He claimed that over the past few years, India has made significant strides in innovation and technology. India is now one of the world’s leading nations in terms of scientific and technological expertise. He made these remarks during the plenary session of the 28th CII Partnership Summit, which is being held in collaboration with the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government of India.
Dr. Singh claimed that a country’s innovation strength is crucial in shaping and sustaining its industrial sectors, generating economic growth, jobs, and wealth, as well as ensuring a strategic edge. He went on to say that the COVID-19 epidemic has taught the business world an important lesson: “innovate or perish.” India is on a mission to become a $5 trillion economy in the very first year of Amrit Kaal, according to the Minister. He added that technology will be at the forefront of this phase of socioeconomic growth and development.
Dr. Singh emphasised that the current Government places a strong emphasis on strengthening the country’s ecosystem of research, innovation, and technology development to achieve this goal. The Minister said that technology-driven and innovation-focused enterprises that make up the foundation of an innovation nation have moved from being a buzzword to a crucial component of national economic and strategic power.
India has risen from 81st to 40th in the Global Innovation Index 2022, according to the Minister, and we should aspire to be in the top 25 in the near future and in the top five by India @ 100. “Jai Anusandhan,” our Prime Minister has given a significant impetus to innovation by adding it to the country’s evergreen slogan of Jai Jawan, Jai Kisan, Jai Vigyan,” he added.
Dr. Singh highlighted that an enabling atmosphere for innovation was lacking in previous policy initiatives and political dispensations, but now the political dispensation led by Prime Minister Narendra Modi is providing that atmosphere. The Indian industry is the backbone of the world’s fastest-growing large economy and has the potential to revolutionise and bring in a technology movement, according to Dr. Singh. He added that the integration of Research, Start-ups, Academia, and Industry is no longer a choice but a dire necessity to attract young innovators in the country, particularly in the States, to come up with cutting-edge and globally competitive products and solutions.
The Minister noted that private-sector R&D contributions were a key concern, accounting for less than 40% of national GDP. This is in contrast to the global average of over 70%, particularly in developed economies. It is essential for the industry to scale up investments in R&D and initiate collaboration through sponsorship research with the other pillars of the Quad, with policy and funding from the Centre.
Dr. Singh discussed startups and stated that India has the third-largest startup ecosystem and is home to the fastest-growing unicorns. Startups are critical because they are a source of new ideas and technologies. He added that linking Startups with Industry right from the start as equal stakeholders is necessary to ensure sustainable Start-Ups. The Minister emphasised that a seamless and collaborative innovation ecosystem would enable a dynamic ecosystem. Private-public partnerships must be aligned with national goals. “The time is opportune to collectively harness the strengths of all the innovation ecosystem stakeholders and quickly take India to the next level of technology and innovation leadership,” he concluded.
