Educational technology ,careers and future : Why innovation is new fuel for prosperity of Indian economy

Saturday, March 9, 2019

Why innovation is new fuel for prosperity of Indian economy

From thousands of years human has evolved with time. New inventions made by man adopted by others . From Industrial revolution to IT revolution has brought the prosperity in  nations taking the lead in innovations. 

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While Industrial revolution in England, Germany and France created their dominance in the world. 

During world war II Japan was one of the major power in the world but Atomic bomb explosion at Hiroshima and Nagasaki demolished its economy .What led Japan to retain its glory is the innovation in technology .Metro Train running in Japan although not the fastest in the world but is the safest and most punctual in the world. 

Why India is lagging in Innovation

While we expect our country to be center of innovation still we are importing major technology form Europe and other countries .If India really wants to prosper and become a developed country in coming years, we have to invest in research and development to encourage innovation. While going through list of country-wise expenditure on research and development we can easily understand where we stand in the world. While Israel spends 4.3 % ,South Korea spends 4.29%, Finland spends 3.17%, Sweden spends 3.16% ,Japan spends  3.14% of its GDP on R& D ,India just spends 0.85% of GDP on R&D. India stands at 44th place in the spending on R&D work.

This is the Gap India need to fulfill if we want bring in change in the country and reduce dependence on imports of technology. On the other hand we can say in future R&D and innovation will decide the economic prosperity of the our country .

Importance of R&D

Israel is great example to understand the importance of R&D and innovation for the growth of the nation. Israel once a small nation surrounded by Islamic countries and facing terrorism  having a troubled economy but with its  political will and transformation in technology now Israel is way ahead in Agriculture, technology, cyberspace ,defence , Infrastructure . Several  policies adopted by Narendra Modi Government are somewhat similar to the steps taken by Israel's Netanyahu Government. Promoting private sector , limiting Government sector and cutting Government spending , reducing bureaucracy involvement are the few steps which seems to be inspired from the  Israel's reforms. Although India doesn't spend too much on R&D but present Government has taken various Initiatives which may Improve R&D work in India. 

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1.Make in India 

Make in India is an initiative to bring in major companies in India for production in India .Thus reducing India's dependence on Imports and bring new technology. While it will cut imports it will increase exports . India a attractive destination for investment due to low cost labour and huge young workforce. While many countries are struggling to find young workforce ,India is the youngest nation of the world.
Intiative of GOI to promote R&D and Business in India

2.Skill India

While India is having sufficient young workforce, biggest challenge is that India is not having sufficient skilled labour .To overcome this difficulty Government of India launched this scheme to make young Generation skilled by providing training in various fields.

to Provide skilled labour for Make In India Initiative

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3.Start Up India

This is an Initiative to promote Entrepreneurship in the young Generation ,while earlier setting up business in India was quite difficult India has shown keen interest to streamline process to set new start Ups easily so that young Entrepreneurs which used to go abroad to start a business could start their business easily in India. Government of India set up a separate Start Up fund tom promote start ups in India.
Initiative by GOI to start new  Business

Although Indian Government not made very significant expenditure in R&D in these years .It has promoted R&D by taking Initiative of Make in India and Start Up India .Although in shorter term results are not visible but in longer run definitely it is going to effect economy and national development.

Ref: wikipedia &

1 comment:

Unknown said...

Electronics import in India have increased due to the online trading market.

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