FOR IMMEDIATE RELEASE
29TH AUGUST 2019
New Delhi; 29.11.19: Companies like Flipkart and Paytm symbolises true Indian innovation but their promoters have closed the doors for making a sustainable profit for themselves and the country by selling them off to foreign entities, Mr. Prakash Javadekar, Union Minister for Environment, Forest and Climate Change & Ministry of Information and Broadcasting said at the SKOCH Summit here on Thursday.
Giving inaugural address at the 60th SKOCH Summit, Mr. Javadekar said although Indians have been behind major innovation in the companies like Google, Facebook, WhatsApp and Twitter they have not benefited the country. “In every team of Google, in every team of Facebook and in other places also wherever there have been innovation in the world there have been Indian scientists and technical people. We are contributors to innovation but we are not owners of innovation that is our problem.”
The Minister said although the companies like Flipkart and Paytm are examples of successful Indian innovation their takeover by foreign firms show that we have not been able to sustain innovation.
“The second issue is that how we will sustain our own innovation. Our Paytm or Flipkart. They are Indian innovation. Indian ownership but taken over by foreign entities. By doing that such innovation have closed their doors of making sustainable profit for the next 50 years,” Mr. Javadekar added.
Thanking the Minister for highlighting the issue sustainable innovation, Mr. Sameer Kochhar, Chairman, SKOCH Group said SKOCH has been pitching for it for several years.
“Economic growth can be accelerated only through high value capture. While Indians are behind the major innovation in IT sector across the world, we are not able to capture the value,” said Mr. Kochhar adding the ownership of Indian innovations must remain in India.
Mr. Kochhar said efficient utilisation of capital and high value capture would be critical for achieving $5 trillion economy target by 2024-25.
Mr. Javadekar highlighted the initiatives taken by Prime Minister Narendra Modi government to promote and support innovation in the country in a bid to make India a $5 trillion economy. “The more we research and innovate the more we will increase our nation’s capability to earn, and our government is giving research and innovation a lot of attention and support. Government, people of the nation and economy needs to stand behind innovation and we require a constant dialogue between the government and people from the industry to make steady progress.”
He also listed a host of measures taken by Prime Minister Shri Narendra Modi government to achieve the target of $5 trillion economy.
“We are investing heavily in infrastructure development. Rs. 20 lakh crore investment has been pledged annually for infrastructure development in the country. The work being done for improving road networks is quite visible. We are making a lot of efforts to support our farmer community, various initiatives are being undertaken from seed to market to improve the financial wellbeing of the Indian farmers. We are also encouraging technology adoption to improve agricultural scenario.”
Mr. Javadekar added, “We are contributors to innovation but not owners, is our problem. The more we research and innovate the more we will increase our nation’s capability to earn, and our government is giving research and innovation a lot of attention and support. Government, people of the nation and economy needs to stand behind innovation and we require a constant dialogue between the government and people from the industry to make steady progress.”
Eminent personalities such as Mr. Prakash Javadekar (Hon’ble Minister, Ministry of Environment, Forest and Climate Change & Ministry of Information and Broadcasting), Dr. Bibek Debroy (Chairman, Economic Advisory Council to the Prime Minister), Dr. Arvind Kumar (President, India Water Foundation & Governor, World Water Council), Mr. C M Chang (Hon’ble Minister for Forest, Environment & Climate Change, Government of Nagaland), Ms. Puja Mehra (Economist), Dr. Rajat Kathuria (Director & Chief Executive, Indian Council for Research on International Economic Relations), Mr. Arun Seth (Chairman, NASSCOM Foundation), Dr. Shamika Ravi (Part-time Member, Economic Advisory Council to the Prime Minister & Director, Research, Brookings India), Dr. Laveesh Bhandari (Economist) Dr. Praveen N Gedam (Additional CEO, National Health Authority), Mr. Sanjay Jaju (Joint Secretary, Department of Defence Production), Dr. Ashwini Mahajan (National Co-convener, Swadeshi Jagran Manch), among others participated in the summit.
Sharing his views on $5 Trillion Transformation Dr. Bibek Debroy (Chairman, Economic Advisory Council to the Prime Minister) said, “I remember that in this very room a few years ago we discussed the possibility of India becoming a $ 10 Trillion economy. Now Hon’ble Prime Minister has announced an ambitious target of $5 Trillion economy to be achieved by 2025. There is an important thing to be recognised , that whether or not we can achieve this target is a function of the exchange rates between dollar and rupee. For attaining the $5 trillion target, the country needs to achieve 8% GDP. The country’s GDP is dependent on how the states are performing, if all states achieve 8.5% then the average will give us a national GDP of 8%. It is aspirational hence difficult but achievable.”
Mr. C M Chang (Hon’ble Minister for Forest, Environment & Climate Change, Government of Nagaland) in his address in the inauguration session said, “How will India build resilience to adapt to the changing climate. There is a need to evolve strategies at both the National and State levels for implementation of actions relating to improving social and economic livelihoods, learning and adapting from experiences, identifying vulnerable communities and building up their capacities which will help in building the resilience of the country towards negative impacts of climate change.”
“Federal body can be reinvented as a powerful body, more or less models around the lines of GST council. It will be chaired by the PM & CM would have been the ministers to take decisions on programs operated by centrally sponsored schemes.”, said Dr. Sudipto Mundle, Member, 14th Finance Commission.
Mr N K Singh, Chairman, 15th Finance Commission, Dr Sudipto Mundle, Member, 14th Finance Commission, Dr Charan Singh, Distinguished Fellow, SKOCH Development Foundation and Non-Executive Chairman, Punjab & Sind Bank, Dr Puja Mehra, Author & Economist and Mr Sameer Kochhar, Chairman, SKOCH Group participated in the session on Strengthening Federalism at India Economic Forum.
NOTES TO THE EDITOR
ABOUT SKOCH GROUP
SKOCH Group is India’s topmost think-tank for socio-economic issues with a focus on inclusive growth since 1997. Its research is accepted across political spectrum and is used for parliamentary replies as well as policy formulation. SKOCH Group specializes in action research that brings felt-need of the grassroots to the policy table. It has published seven books thus far that are valued as recommended reading. The repertoire of services includes field interventions, consultancy, research reports, impact assessments, policy briefs, books, journals, workshops and conferences. SKOCH Group has instituted India’s highest independent civilian honours in the field of governance, finance, technology, economics and social sector.
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