Since last two decades the world economy is experiencing the transition, BRIC nations have shown promising growth and emerging as the new centers of power. Growth of BRIC nations is interpreted as “Third economic super cycle” marked with emergence of China as economic superpower by 2050 and India as third largest after china & USA. The great visionary like Dr. Peter Drucker forecasted this shifting of power to east in 90’s attributing t mainly to change in business models, manpower and material resources in his book titled “Managing in turbulent times”.
Today we are one of the leading economies with robust banking, huge demographic dividend, Strong domestic demand, stable political environment and huge forex kitty.
But on the contrary, there are some serious issues related to infrastructure, energy, healthcare, food security, employment opportunities and poverty (200 Mn people at Bottom of the Pyramid). Currently our economy is led by the service sector dominated by export led IT & ITES, manufacturing is yet to recover from the global downturn and agriculture is highly depended on monsoon.
On the International horizon China has emerged as world manufacturing destination, minnows like Taiwan, Malaysia and Thailand are emerging as new low cost outsourcing centers, where as product and services from countries like South Korea, Japan, Germany, Holland and Finland along with USA are dominating the global markets. More over, India is seen as most lucrative market with huge growth potential by the economies across the world. Today, Indian market is flooded with global brands; on the contrary there are few Indian brands successful in global markets.
In order to join the league of developed country or super power in near future, we need to address the serious domestic issue and work on building the capabilities in delivering the innovative product and service at the global level and to do that, we need to concentrate and mobilize our resources on infusing the culture of innovation and invention at all possible level in the society.
Innovation and inventions are the crucial tools of competitive advantage in today’s knowledge based economy. Unfortunately our country with great legacy of Arybhatta, Chanakya, Dr. Bose and Ramanujan has failed to raise the bar in innovation and invention. In 2012, India rank 62nd in the innovative index and have ranked much below China in filling of Patents.
Today there is need to build the ecosystem for nurturing the culture of innovation and research at all levels. There is need for strategic interventions in education system from primary to higher education in providing optimum infrastructure, qualified resource, sophisticated equipments, rewards & recognition for the motivation and assistance for scaling up & commercializing the innovations.
Industry- Academia relationship is also very crucial in innovation and research. In spite of large scale industrialization, there is huge gap pertaining to the same. There is need for fostering atmosphere conducive for strategic industry –Academia partnership. It helps in sharing infrastructure and resources & to increase the pace of new product development
With proper attention, we are the country with huge potential to unleash; Indian’s have gave the very famous word “Juggad” which simply means “workaround” or “Resourcefulness” and which is the integral part of every average Indians routine life.
With the announcement of 2010-2020 as the Innovation Decade” by our Hon’ble President, If right stimulus is provided, we are the country to with potential to rule the world many decades to come………………….
