India has a huge potential to become an innovation and technology powerhouse, and it is the right environment which is needed to reap the benefits. The Government’s recent demonetization move has paved the way for India’s next digital revolution. Innovations in the financial technologies such as digital payment gateways and mobile wallets by a host of homegrown ventures are transforming the present day financial landscape in the country by offering more transactional agility and transparency.
CII, over the years, has been actively working in the areas of technology, innovation and entrepreneurship. The growth of start-ups in India is a great shift in our economy in terms of new entrepreneurs and funding models. The National Start-up Centre and the CII Start-up Coalition are steps in this direction. CII has also been playing an active role in establishing ‘design’ as a core business component for industry to enhance its competitiveness. Through initiatives like the ‘AICTE-CII Survey of Industry-Linked Technical Institutes’ and the ‘India Innovation Initiative’, CII is working towards improving industry-academia relations in a significant manner and in creating more start-ups in India.
This edition of the Policy Watch highlights some important issues that continue to affect India’s innovation and technical capability. It highlights some immediate gaps where policy interventions should be taken up on priority.