India aspires to turn into a $5 trillion financial system over the following few years, and it’s being more and more recognised as one of many main economies on the earth. India has additionally dedicated itself to a daring aim of internet zero emissions by 2070. Sustainability is, subsequently, essential in all coverage initiatives, and know-how management goes to be the first gateway to attain sustainable improvement.
Certainly, three key imperatives to attain these aspirational targets are: management within the know-how, innovation and analysis, which might indicate a large funding by our nation in these areas; synergy among the many nation’s business and tutorial establishments; and collaborating with different nations with a confirmed observe report of nurturing an efficient Innovation ecosystem.
The above three areas have been mentioned and deliberated at DST-CII-MIT India Singapore Know-how Summit which offered a plethora of alternatives for India and Singapore to take up collectively in varied sectors of know-how, innovation and analysis.
International tech hub
Singapore is a world hub of know-how and finance, and its transition into an innovation and digital financial system is exemplary. India and Singapore, as nations, have already got a strategic partnership within the areas of know-how, human improvement and lots of multifaceted bilateral issues. This strategic partnership in know-how, innovation and analysis between the nations was additionally amply demonstrated throughout the pandemic.
There’s nevertheless a have to make additional interventions in additional areas of strategic significance for the 2 nations.
Clear applied sciences: India is concentrating on a key milestone to extend the renewable power part to 50 per cent of the full power necessities by 2030. Singapore additionally has bold carbon mitigation plans and therefore co-innovation on this area might increase the transfer in direction of a inexperienced financial system, particularly by means of the power and transportation sectors.
Each India and Singapore are progressively bettering their respective charging infrastructure for electrical automobiles and the area presents ample alternatives for collaboration.
Healthcare transformation: India is engaged on the “Genome India Mission” with the purpose to gather 10,000 genetic samples from residents throughout India to construct a reference genome. Via whole-genome sequencing, the venture would construct an exhaustive catalog of genetic variation for the Indian inhabitants and open new areas for advancing next-generation precision drugs.
Equally, Singapore too has launched into the bold activity of mapping Asian genomes. There’s a large scope of collaboration for India and Singapore to share knowledge and analysis to shorten the educational curve and develop modern options within the area of genome and bioinformatics.
Applied sciences for a round financial system: India and Singapore should work on producing modern options to mitigate the challenges of logistics and provide chain, mobility and transportation, water administration, waste administration and infrastructure to really transfer in direction of circularity.
Deep applied sciences: Synthetic intelligence, web of issues, machine studying and fintech could be leveraged by the manufacturing industries of India and Singapore to automate processes for higher city planning of cities envisioned round residents.
To be able to obtain management in know-how, Innovation and analysis, whereas India has a variety of floor to cowl, it has the human capital to take action. Leveraging international collaborations with sturdy business, academia and authorities partnerships, just like the one with Singapore, will probably be of immense significance.
This can encourage, develop, and facilitate collaborative initiatives in fields of mutual curiosity. General, the management in know-how, innovation and analysis is essential to catapult India into sustainable progress, thereby creating real wealth for the nation.
The author is Chairman, DST-CII Know-how Summit, and former Managing Director & CEO, Ashok Leyland and JCB India Ltd
March 15, 2022