Technology has advanced more in the last half a century than in the previous 2,000 years. History has shown that modern economic growth has been inspired by a rapid and persistent upgrading of technology and scientific know-how. One third to half the growth of the industrially advanced countries is estimated to have come from technological prgress.
Unlike invention, innovation consists of practical application of invention. Innovation is essentially the task of the entrepreneur. And India is on the way to becoming a major player in global innovation. This in turn implies adoption of technology foresight to make the right technology choices with a national perspective; establish a robust innovation ecosystem; and leverage international cooperation to reinforce our own innovative strategies.
India is already displaying its innovative capabilities in manufacturing, bio-technology and even at the grassroots level. A dramatic recent example is the Tata Nano, which through innovations in design, engineering and manufacturing has created the world’s first low-cost, mass-produced car. The real benefit of India’s scientific and technological talent pool is not just in terms of scalability, high-levels skills and comparatively low-costs, but in its innovative capabilities.
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