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.

Source: TH

Source: TH