Raipur

India is experiencing a new revolution in research and innovation and is emerging as a nation that will power the next waves of innovation in the world, said Lieutenant Governor of Jammu and Kashmir Manoj Sinha on Sunday.

Despite tariff trade and global challenges and conflicts, India continues to be the brightest spot in the world economy, he said.

Speaking at the 16th convocation of National Institute of Technology (NIT) Raipur here at Pt Deendayal Upadhyay Auditorium as the chief guest, he said India’s research and development spending has jumped from Rs 60,000 crore in 2010-11 to nearly Rs 1.3 lakh crore annually now.

He also called upon the private sector to significantly increase its investment in R&D.

India is experiencing a new revolution in the field of research today, he said. Under the leadership of Prime Minister Narendra Modi, schemes related to research, development, and innovation worth Rs 1 lakh crore have been rolled out, he said.

“You will be surprised to know that in 2010-11, we were only able to spend Rs 60,000 crore on research and development. Today, we are spending approximately Rs 1.30 lakh crore annually on R&D.

“This is more than double the growth. I would request that the private sector also invest more and more in research and development,” he added.

Sinha said the number of patents filed in the country has increased from 24,326 in 2020-21 to 68,176 at present.

India is becoming the country that will power the next waves of innovation in the world, he said.

Artificial Intelligence is reshaping every sector, and AI professionals, innovators and scientists will be the key drivers of the world economy, he said.

He said the country is now the fourth-largest economy and home to the third-largest startup ecosystem in the world, with 111 unicorns valued at nearly $350 billion.

“One out of every ten unicorns in the world is Indian,” he said.

India’s youth are its biggest strength with 65 per cent of the population under the age of 35 and participation of young entrepreneurs is expanding the middle class, which now comprises about 31 per cent of the population, he said.

India is now the largest supplier of skilled manpower in the world, and in the next 10 years, its share in the total workforce will be nearly 25 per cent, he said. “You can gauge from this that by 2030, India’s working-age population will exceed 1 billion,” Sinha, a trained civil engineer, told the audience.

India is the largest country in the world in terms of mobile phone users and has 627 million internet-connected citizens, which is almost double the population of the United States, he said.

Sinha said India is number one in the world in digital payments. “Today, 95 per cent of India is covered by 5G network. Many of the world's largest companies are investing in India and are looking to invest further,” he said.

In spite of challenges arising due to tariff trade and global conflicts, India continues to be the brightest spot in the world economy, growing at 7.8 per cent and on track to become a $5 trillion economy by 2027, and the world’s third-largest economy by 2030, he said.

By 2047, when India completes its journey towards becoming a ‘Viksit Bharat’, young professionals graduating now will be at the peak of their careers and India’s deep-tech startups and semiconductor industries are expected to become among the largest industries in the world, said Sinha, who has also served as a Union minister in the past.

“You are entering the professional world at a time when every sector is looking for new talent. With your skills, knowledge and determination, you can contribute meaningfully to the journey of a developed India,” he told the students.

The institute conferred degrees upon 1,382 students, including 1,055 undergraduates, 278 postgraduates, and 49 PhD (doctor of philosophy) recipients, an official statement said.

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Dr G Satheesh Reddy, former chairman of Defence Research and Development Organisation and Scientific Adviser to the Ministry of Defence, was present as the special guest. Dr Suresh Haware, Chairman, Board of Governors of NIT Raipur, and director of the institute Dr NV Ramana Rao also attended the event.