1. Next breakthrough to come from micro venture innovation finance: President Pranab Mukherjee

Next breakthrough to come from micro venture innovation finance: President Pranab Mukherjee

Citing India's long tradition of grassroot innovations, President Pranab Mukherjee has said the next major breakthrough in the country will come via micro venture innovation finance.

By: | New Delhi | Published: March 8, 2015 4:24 PM
Pranab Mukherjee, Pranab Mukherjee news, president of india, Make in India campaign, Clean India campaign, narendra modi, innovation in india

New Delhi: President Pranab Mukherjee visits a stall after inaugurating the Innovation Exhibition at President’s Estate in New Delhi. PTI

Citing India’s long tradition of grassroot innovations, President Pranab Mukherjee has said the next major breakthrough in the country will come via micro venture innovation finance.

He said the Make in India, Clean India, and Inclusive India, under which financial inclusion is of prime essence, needs a significant push.

Addressing a global round-table on inclusive innovations at Rashtrapati Bhavan here yesterday, Mukherjee said Bangladesh’s Noble laureate Prof Yunus (who was also present during the meet) had created an outstanding model for micro-finance that has led to the emancipation of poor in developing countries.

“To my mind, the next major breakthrough will come through micro venture innovation finance, which has been pioneered by the Honey Bee Network and National Innovation Foundation,” he said.

The Union Minister of Science and Technology, Harshvardhan, is spearheading the scientific and technological strategies for an inclusive growth under the leadership of the Prime Minister Narendra Modi.

“The Make in India, Clean India, and Inclusive India, under which financial inclusion is of prime essence, needs a significant push,” the President said.

Mukherjee said youth power has to be galvanized for nation-building. “Thus, the students have to be encouraged to sense the unmet needs of the common man, and search, spread and celebrate innovations,” the President said.

India has had a long tradition of grassroots innovation. From time to time, the common people in this country have ushered in novel solutions to overcome their day-to-day difficulties, he said.

“A healthy eco-system is needed for harnessing the innovative potential of various segments in different sectors and at multiple levels in our society.

“Creating an inclusive eco-system calls for linkages between grassroots innovators on the one hand, and academic institutions and market forces, on the other,” Mukherjee said. The President said educational institutions have a critical role to play in nurturing innovations in the society.

“India, with a large network of 713 universities and over 36,000 colleges, is poised to play a leading part in developing an innovation eco-system,” Mukherjee said.

To catalyze the institutions of higher learning in this process, “I have been urging the leaders of the higher education sector to establish a connection between their institutes and grassroots innovations in their hinterland,” and to also set up innovation clubs, he said.

Many outstanding social, educational and corporate leaders present here have pioneered initiatives aimed at taking the Indian grassroots story forward, Mukherjee said.

“A significant breakthrough in our march towards development and progress is possible; but with challenges, to overcome which, a collaborative effort of all stakeholders is necessary.

“By partnering with companies and colleges in India and abroad, our grassroots innovators will propel a different kind of globalization,” he said.

The products and services based on grassroots knowledge and creativity will reach global markets in an affordable, accessible and accountable manner, the President said.

An ‘Atal Innovation Mission’ as an Innovation Promotion Platform involving academics, entrepreneurs and researchers has been announced recently.

“The platform will also promote a network of world-class innovation hubs to address the grand challenges of our country,” he said and called upon participants from India and abroad to be part of Indian development story.

The round-table is being organised as part of a week long festival of innovations being held in the Rashtrapati Bhavan.

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