“Push for Innovation” is the New Mantra for IIT Graduates
Tuesday, August 14, 2007
Pointing out that there would be a much greater premium on innovation in India in future than has been the case so far, Planning Commission Deputy Chairman Montek Singh Ahluwalia on Saturday hoped that the students graduating from the Indian Institute of Technology, Delhi, will “push for innovation”.
NEW DELHI: Pointing out that there would be a much greater premium on innovation in India in future than has been the case so far, Planning Commission Deputy Chairman Montek Singh Ahluwalia on Saturday hoped that the students graduating from the Indian Institute of Technology, Delhi, will “push for innovation”.
“Innovation is often led by individuals or small companies not burdened by the legacy of incumbent systems rather than by large companies that are set in established ways. I hope, therefore, that many more of you will opt to become entrepreneurs pushing for innovation compared to what has happened in the past,” he said addressing the students at the 38th Convocation of IIT Delhi where he was the chief guest.
“A major challenge for innovation will be to harness modern technology to meet the consumption needs of our population as rapid and inclusive growth raises their incomes and spending power. The consumption needs of our upper income groups are met by products similar to those in industrialised countries because they have the spending power to purchase them. But the bottom of the pyramid also presents an untapped market opportunity where large volumes can make up for small margins. I hope some of you will be tempted into this area, looking for innovative solutions to the rising consumption needs of the bottom of the pyramid,” said Mr. Ahluwalia.
Stating that the students were fortunate to be entering their working life at a time when India seemed well on the way to occupying her rightful place in the world, the chief guest said their generation would benefit enormously from it: “I have no doubt you will see much more rapid change than our generation did, and you will find it both exciting and challenging. There are three reasons why. The first has to do with the pace of growth, the second with the pace of technology change, and the third with globalisation.”
“When I was at your stage of life, receiving my degree at the Delhi University Convocation in 1964,” he said, “our economy was growing at about 3.5 per cent per year and it remained stuck at this rate of growth for two decades. The position today is dramatically different. The economy is growing at about 9 per cent and most scholars agree that with the right economic policies we can maintain that growth rate, and perhaps even improve upon it, over the next 20 years.”
Continue reading “’Push for innovation’ is the new mantra for IIT graduates“