National innovation summit cum excellence awards
New Delhi, (KNN) With an aim to generate powerful insights, practical tools and the chance to identify real-time solutions to real-world challenges, ASSOCHAM, India’s apex commerce and industry is organising a summit cum excellence awards on innovation here on May 11.
The third edition of the summit with the theme ‘Innovative India @ 2020’ and is being supported by the Department of Scientific and Industrial Research, Ministry of Science and Technology.
Innovation Excellence Awards are to be given out in fifteen critical sectors where innovation will play an important role in the run up to 2020.
The pace of Economic and Industrial progress is directly proportional to the efforts made towards R&D which acts as a reliable measure of innovation capacity.
R&D spend in India has grown around 0.9 per cent of India’s Gross Domestic Product (GDP) which is 1.25 percent in Brazil, 1.84 percent in China, 2.7 percent in USA , Japan spends about 3.67 percent of its GDP and Israel is 3.93 percent.
In order to encourage innovation, government and corporate India need to increase their R&D spend as innovation could be the key driver for India’s future growth under the ‘Make in India’ policy. (KNN/ST)
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