Context: Recently the Government of India organised events which portrayed India’s innovation potential.
Realistic innovation potential in India
- India is a fertile ground to be a technology-led innovation garage.
- India is the fastest growing country in terms of Internet usage, with over 700 million users and the number projected to rise to 974 million by 2025.
- The JAM trinity (Jan Dhan, Aadhaar, Mobile) trinity has 404 million Jan Dhan bank accounts with 1.2 billion Aadhaar and 1.2 billion mobile subscribers.
- According to a recent report by Accenture, there is a potential to add over $957 billion to India’s GDP by 2035 with artificial intelligence (AI).
- Recent events that were organised by the Government of India for collaborative knowledge creation also portrays India’s innovation potential
- At the Vaishvik Bharatiya Vaigyanik (VAIBHAV) summit which was inaugurated recently, with more than 3,000 overseas Indian-origin academicians and scientists from 55 countries, and about 10,000 Indians participated to ideate on innovative solutions to our challenges.
- Responsible AI for Social Empowerment (RAISE) 2020 summit was held to chart a course to effectively use AI for social empowerment, inclusion, and transformation in key sectors such as health care, agriculture, finance, education and smart mobility.
Incentives given by the government
- Innovation needs risk capital in terms of resources and psychological security for researchers. It needs an environment where it is safe to fail. The government has been building a comprehensive framework to this end.
- Indian government is incentivising research and development with several schemes such as
- Innovation in Science Pursuit for Inspired Research (INSPIRE) scholarships,
- The Ramanujan Fellowship,
- The Knowledge Involvement in Research Advancement through Nurturing (KIRAN) scheme,
- Smart India Hackathons (SIH),
- Atal Innovation Mission (AIM),
- The Biotechnology Ignition Grant (BIG) scheme,
- Setting up of the Future Skills PRIME (Programme for Reskilling/Upskilling of IT Manpower for Employability) capacity building platform and also the triad of
- Scheme for Transformational and Advanced Research in Sciences (STARS),
- Scheme for Promotion of Academic and Research Collaboration (SPARC) and
- Impactful Policy Research in Social Science (IMPRESS).
- The National Mission on Interdisciplinary Cyber-Physical Systems also aims to ‘catalyse translational research across “Al, IoT or the Internet of Things, Machine Learning, Deep Learning, Big Data Analytics, Robotics, Quantum Computing, Data Science.
- Also, the government has been actively facilitating collaborative and light touch regulatory practices to promote innovation and incentivise risk-taking.
- The RBI, Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority of India allow for regulatory sandboxes for piloting new ideas.
- The Telecom Regulatory Authority of India (TRAI) has recently introduced recommendations for regulating cloud services in India, suggesting a light-touch regulation in collaboration with industry, balancing commercial freedom and principles adherence
Steam engines made us understand thermodynamics, flights made us understand aerodynamics. There is ‘in-deed’ merit in relentless focus on innovation as it essentially augments ease of living for citizens, dematerialising and democratising products and services.