Sunday, November 1, 2015

India - National Technology Day 2015

11 May 2015


Innovative India @ 2020

11 May, 2015 at Le-Meridien, New Delhi

The pace of Economic and Industrial progress is directly proportional to the efforts made towards Research & Development (R&D) which acts as a reliable measure of Innovation capacity. Research and Development (R&D) spend in India has grown around 0.9 per cent of India's Gross Domestic Product (GDP) which is 1.25 percent in Brazil, 1.84 percent in China, 2.7 percent in USA , Japan spends about 3.67 percent of its GDP and Israel is 3.93 percent.

More needs to be done to match the Government of India's target of R&D expenditure of 2 per cent of GDP that was set in 2010 and reaffirmed in 2012. In order to encourage Innovation, Government and Corporate India need to increase their R&D spend as Innovation could be the key driver for India's future growth under the "Make in India" policy.

ASSOCHAM, India's Apex Chamber for Commerce and Industry (also popularly known as the Knowledge Chamber), representing some of India's largest corporations has been organizing the "Innovation Summit cum Excellence Awards" for the last two years.

This year's Summit being "Officially" supported by the Department of Scientific & Industrial Research, Ministry of Science & Technology, Government of India is scheduled to take place on Monday, 11th May 2015, (declared as the "National Technology Day" by the Government of India) at Hotel Le-Meridien, New Delhi will focus on developing Innovation Ecosystem making India an Innovation Powerhouse by 2020.

Hence, the Theme of the Summit has been chosen to be: "Innovative India @ 2020".

ASSOCHAM has also constituted the "Innovation Excellence Awards" to be given out in Fifteen critical sectors where Innovation shall play an important role in the run up to 2020.                        

11 May 2015

 $10 trillion economy by 2034

Minister of state for science & technology and earth sciences, Mr Y.S. Chowdary

We need to boost R&D spending to 2.4% of GDP to achieve GDP growth of 9% p.a. for number of years and  become $10 trillion economy by 2034

India's economy would need to increase its research and development (R&D) spending from mere 0.8 per cent of gross domestic product (GDP) in 2013 to 2.4 per cent  similar to developed markets of Korea (3.8 per cent), US (2.7 per cent) and China (1.9 per cent)  to grow its GDP by 9 per cent per annum to become a $10 trillion economy over the next two decades. Minister of state for science & technology and earth sciences, Mr Y.S. Chowdary  stressed the point while inaugurating '3rd Innovation Summit-cum-Excellence Awards: Innovative India@2020,' organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) on 11th May 2015.

Focus on innovation should not  be restricted to new technologies and products but also include innovative distribution and financing processes and business models according to the minister.

Nikhil Sahni of Yes Bank on

'Policy For Innovation Strategy and Roadmap for “ Make in India”


Uploaded by Business World

Read the PWC Report for the Event

Updated   1 Nov 2015
Published 10 May 2015

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