Innovation critical to growth: Minister
India needed to develop ways and means to translate the country's immense innovation potential into high value commercial products and commercial services.
BANGALORE: India needed to develop ways and means to translate the country's immense innovation potential into high value commercial products and commercial services, Karnataka Minister Katta Subramanya Naidu said on Friday.
"Such mind to `mind-to-market' initiatives are required in order to have a win-win situation for both-the innovator and the industry", the State Minister for IT, BT and S and T, Information and Excise said,delivering the inaugural address at the Fourth Indian Innovation Summit 2008.
"We have to transform India into a knowledge scoiety with innovation as the thrust area", he said at the commencement of the two-day summit that focussed on the topic of innovation in services, products, manufacturing, public sector and challenges and opportunities for innovation.
A survey done by National Knowledge Commission reveals that 42 pc of large firms and 17 pc of SMEs have introduced innovation during the course of their business. Seventeen percent of large firms rank innovation as their top strategic priority and 75 pc rank it among the top three priorities.
"These figures underline the fact that innovation has gained importance as being critical to growth and competitiveness in India", said Naidu.
The state's initiative towards innovation comprises revising the IT policy to advance the next wave of succes in several frontiers and sensuring rural IT penetration by considering a rural IT policy.
"Such mind to `mind-to-market' initiatives are required in order to have a win-win situation for both-the innovator and the industry", the State Minister for IT, BT and S and T, Information and Excise said,delivering the inaugural address at the Fourth Indian Innovation Summit 2008.
"We have to transform India into a knowledge scoiety with innovation as the thrust area", he said at the commencement of the two-day summit that focussed on the topic of innovation in services, products, manufacturing, public sector and challenges and opportunities for innovation.
A survey done by National Knowledge Commission reveals that 42 pc of large firms and 17 pc of SMEs have introduced innovation during the course of their business. Seventeen percent of large firms rank innovation as their top strategic priority and 75 pc rank it among the top three priorities.
"These figures underline the fact that innovation has gained importance as being critical to growth and competitiveness in India", said Naidu.
The state's initiative towards innovation comprises revising the IT policy to advance the next wave of succes in several frontiers and sensuring rural IT penetration by considering a rural IT policy.
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