Innovation & India
India’s ranking in the Global Innovation Index – Among around 140 nations, during the past five years, India’s ranking has slipped from 66 (2013) to 76 (2014) to 81 (2015) and has now recovered from to 66 (2016 and 60 (2017), to 57th in 2018.
Invention or Innovation?
Invention is a subset of innovation. The power of innovation lies in new value creation on a commercial scale. When an invention is exploited successfully commercially, it becomes an innovation.
India’s challenge of not being able to make the journey from mind-to-marketplace can be addressed only by building a powerful national innovation ecosystem.
Efficiency vs. innovation
Step one for India in seizing the global tech stage is internalizing this elemental spirit of innovation.
Building Knowledge Societies
Just a year ago, India was ranked 155th among 230 nations with regard to mobile data transmission. But today it has leapfrogged into the number one position leaving USA and China in the second and third position.
Embracing risk and failure
The entrance of venture capital into our markets is allowing us to make bolder decisions aimed at fostering innovation. It’s precisely this mindset that will enable us up to capitalize on the opportunities in front of us over the long term.
A change in thinking
Research shows that organizations that innovate consistently share three attributes: they have the willingness to innovate, the ability to innovate, and can pull it all together—i.e., they have the leadership to innovate.
Balancing the outcomes of innovation
There must be a global dialogue and understanding on the intended and unintended consequences of new technology as also agreed controls from the humanistic angle and welfarist perspective.
Why do some nations grow faster than others?
In ‘Endogenous Technological Change’, Romer characterised ideas as:
- Excludable goods
India is expected to grow to be the third largest economy by 2030 only after the US and China. Disruptive technologies and innovative ideas will be the key enablers for this economic growth.
Three key growth enablers for India:
India and ‘Innovation Diplomacy
A consistent policy focus on innovation seems to have helped India improve its ranking in the Global Innovation Index. India’s ongoing efforts in promoting bilateral investment and cooperation in the area of innovation had a strong impact in 2017.
- The India-Israel Industrial R&D and Technological Innovation Fund
- Binational Industrial Research and Development Foundation (BIRD)
- Global Entrepreneurship Summit
Why will the ‘Innovation Diplomacy’ work?
India is the planet’s sixth largest economy but the country suffers from a dichotomy. But it presents huge market potential for almost every company in the world. This uncommon phenomenon ideally positions Indian start-ups and companies to collaborate with their global counterparts.
Do you know you an average interviewer give 2 mins for solving puzzle question. Check most important puzzle questions asked in interview.
Think incremental innovation: Healthcare in India
India’s position as far as many health-care metrics is disappointing. By 2020, noncommunicable diseases will be the cause of 73% of deaths. With diabetes emerging as the fastest growing disease, India will have 49% of the global burden of diabetes. 70% of all innovation is incremental innovation, according to a 2012 study.
What is Incremental Innovation?
Incremental innovation is:
- The process of expanding therapeutic classes
- Increasing the number of available dosing options
- Discovering new physiological interactions of known medicines
- Improving the secondary properties of existing medicines
Why the emphasis on ‘incremental’ innovation and not just innovation?
By 2050, the elderly will form 20% of India’s population. The lack of advancements in medical sciences in India highlights the dire need for incremental innovation. For tangible outcomes, requisite investment and a policy environment that makes cutting-edge medicines accessible to Indian patients are a must.
For decades, the policy towards incremental progress in pharmaceutical innovation has remained a bottleneck. To achieve the vision of Ayushman Bharat, we need to strengthen our pharmaceutical innovation ecosystem across multiple dimensions.
India is still struggling with the basics — a substandard quality of medicines and policies that deter incremental innovation. India needs an environment conducive for the most advanced drugs to reach patients.
In India – Ayushmaan Bharat – An attempt to transform India’s Healthcare Map:
Aim: To make path-breaking interventions to address health
Objective: Prevention + Promotion
- Rs 52,800 crores for the health ministry
- Increase the levy of health cess from 3 to 4%
Two major initiatives:
- Health and Wellness Centre
- National Health Protection Scheme
Farming 3.0: Innovative Agriculture
Over the past few decades, agriculture has witnessed different phases of growth. India’s farmlands today are at a critical juncture. Our population continues to grow, placing an ever increasing strain on the sector. The need has arisen for another revolution: a new phase in Indian agriculture which will be defined by innovation and technology.
- Micro irrigation
- Precision farming
- Digital platforms
- Partnering stakeholders
In India – Doubling of Farmers’ Income
The Government has been reorienting the agriculture sector by focusing on income centeredness.
- Initiating market reforms
- Encouraging contract farming
- 22,000 Gramin Haats are to be upgraded
- Launch of eNAM initiative
- Implementation of flagship scheme of distribution
- “Per drop more crop” initiative under which drip/sprinkler irrigation
- “Paramparagat Krishi Vikas Yojana (PKVY)” under which organic farming is being promoted.
- A revised farmer friendly “Pradhan Mantri Fasal Bima Yojana (PMFBY)” has been launched.
- Under “Har Medh Par Ped”, agro forestry is being promoted
- The Indian Forest Act, 1927 was amended to exclude bamboo from the definition of ‘trees’.
- Launch of PM-Asha scheme which will ensure MSP to farmers
- Minimum Support Price (MSP) is notified by the Government for certain crops.
- Bee keeping has been promoted under Mission for Integrated Development of Horticulture (MIDH) to increase the productivity of crops
- Rashtriya Gokul Mission has been implemented to enhance milk production
- National Livestock Mission has been implemented
- a Blue Revolution is being implemented
New initiatives taken for increasing production and productivity of Nutri-Cereals from 2018-19 onwards:
- Breeder seed production of nutri-cereals
- Creation of seed hubs
- Certified seed production
- Seed mini kits allocation
- Strengthening/creation of Center of Excellence
- Publicity of nutri-cereals
Innovation: Key to make India manufacturing hub
Around 50% of total exports are from commodities and low value addition items, while in the US and China, value-added products contribute to more than 75% of total exports.
Opportunities for innovation in manufacturing
- Innovation in sourcing
- Innovation in manufacturing processes
- Management innovation
- Innovation through technology
Why do Indian firms not innovate?
- Other issues
- Identifying an opportunity
Urgent need to develop strategies that foster innovation: An innovate strategy that includes incremental innovations and continuous improvement will help in liberating minds throughout the company. It will also make people more receptive to change; when big breakthroughs happen..
Youth Empowerment Schemes and initiatives in India
Today population of India is more than 130 crore and 62% of it is below the age of 59 years making India the youngest company in the world.
- MSME sector has the potential to provide employment to 10 crore youth of the country by 2022
- The MSME sector has created approx. 11.10 crore employment opportunities.
- 73 lakh rural youth have been trained from 2014-15 to February 2018.
- . Under the ongoing Pradhan Matri Yuva Udyamita Vikas Abhiyan (PM-YUVA), 22,308 students have been enrolled.