INDIA'S JOURNEY over the next five years should be geared towards leveraging its strengths in innovation, infrastructure, and human capital to further strengthen its position as a leading global nation. Experts believe India will overtake economic giants, emerging as the world’s third-largest economy by 2030. However, for India to effectively leverage its multiple pillars of growth, a synergistic approach is necessary—one that intertwines scientific innovation with human capital with the development agenda while also streamlining processes for ease of doing business.
Innovation
India’s future will be marked by advancements in digital. The rapid advancements in artificial intelligence (AI), machine learning, blockchain technology, and data analytics are leading development in several key areas. This digital leap, driven by government initiatives and private sector dynamism, is transforming the business landscape and revolutionising education, healthcare, and governance.
Scientific development, too, will play a key role in this and must be fast-tracked. As science and technology are the bedrock of modern progress, India’s investment in cutting-edge research facilities should aim to build and nurture collaborations between universities and industries and further encourage innovations in sectors like biotechnology, information technology, renewable energy, healthcare, data analytics and so on. Further, a robust patent system and incentives for research and development (R&D) can stimulate this ecosystem effectively.
This story is from the February 18, 2024 edition of Business Today India.
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This story is from the February 18, 2024 edition of Business Today India.
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