Emphasising the need to focus on rural India along with hand-holding to the grassroots innovations, Minister of State for Science and Technology YS Chowdary said that India’s economy would need to collectively ramp up its research and development (R&D) spending from mere 0.8 percent of gross domestic product (GDP) in 2013 to 2.4 percent by 2034.
“Technology should be a facilitator of inclusive and sustainable growth in a country like ours with so many people below poverty line,” said Chowdary while inaugurating ‘3rd Innovation Summit-cum-Excellence Awards: Innovative India@2020,’ organised by Assocham.
“We need to focus on rural India along with hand-holding to the grassroots innovations, besides we need cost-effective solutions as there is a need for sustainable and economically-viable innovation,” he added.
“A path driven by R&D and innovation capital will be essential for India to manage its inherent challenges and to grow its GDP by 9 percent per annum to become a $10 trillion economy over the next two decades,” Chowdary said.
“Focus on innovation-driven solutions to attain aforesaid growth targets should not only be restricted to new technologies and products but also include designing innovative processes and business models that challenge the status quo and help achieve inclusive growth,” he added.
“Investment in human and physical capital together with investment in R&D and innovation are key requirements to attain nine per cent compounded annual growth rate (CAGR) by 2034 and can help generate 240 million new jobs over next 20 years which is required to meet India’s demographic needs,” the Minister said.
According to him, India can become world’s third largest economy by 2034 after US and China if it can achieve a nine per cent per annum GDP growth trajectory through adoption of technological and business model innovations thereby providing a new sustainable development model to the world.
Prof. K. Vijayraghavan, secretary, Ministry of Science and Technology said, “The world has changed dramatically while our institutions are stuck in the previous generations.”
“In the last 5-10 years there has been a dramatic change in the way innovation has to be done,” said Prof. Vijayraghvan. “Our institutions today are caught in a completely cocooned, self-centred view of the world.”