Translation (English-Hindi) Exercise – 52

Translation (English-Hindi) Exercise – 52

Schools can create innovative, problem-solving leaders of the future and we need to ensure that we are able to create a sizeable number of entrepreneurs and innovators through the innovation initiatives of the country. The same can be done by establishment of the model followed by Atal Tinkering Labs and by the establishment of incubators in graduate colleges.

At the grassroots, a cultural shift in attitude towards entrepreneurship through education and awareness and through incentivization of relevant product innovations with commercial and social impact can go a long way in achieving the equity in the growing innovation ecosystem. This shall not only trigger and incentivise entrepreneurial thinking but also minimise the fear of risk-taking and risk management. Recognising this need, the Government of India has setup the Atal Innovation Mission (AIM) to promote a culture of innovation and entrepreneurship in the country. AIM's objective is to develop new programmes and policies for fostering innovation in different sectors of the economy, provide platform and collaboration opportunities for stakeholders, and create awareness and create an umbrella structure to oversee the innovation ecosystem of the country.

Atal Innovation Mission has adopted a holistic framework to achieve its objective of creating a culture of innovation and entrepreneurship in the country. It is doing so by taking on a lifecycle approach of not only building an entrepreneur but also supporting them with the right institutional development and further grants-in-aid mechanism.

Translation (English-Hindi) Exercise – 51

Translation (English-Hindi) Exercise – 51

Business leaders in the last few years have started appreciating the existence of the startup ecosystem and have started challenging themselves to innovate relentlessly and continuously to keep up their numbers. Major conglomerates have introduced new product offerings trying to fulfil the existing and unserved demands by disrupting across the complete product value chain.

Governments and regulators have learnt the knack of being updated with the changing innovation ecosystem and have started updating the regulations to accept the ever-changing ecosystem to attain worldwide competitive position. The added pressure of understanding the ecosystem and updating regulations does create a major challenge on some occasions but the promising journey has begun.

With technology being the driver for the future generation, the need for a check on the moral and ethical boundaries of the use of technology for providing better outcomes is an unanswered question. This does add some grey areas which will need to be checked.

Translation (English-Hindi) Exercise – 50

Translation (English-Hindi) Exercise – 50

Demands are rapidly evolving and with this is changing the tastes of the customer. This adds pressure on industries to be more focused on high growth and quick adaptability resulting in higher rates of acquisitions and restructuring.

Incremental changes and innovations are not creating sustainable margins and hence to derive higher value and lead the competitive advantage, companies have had to focus more on their R&D, leading to research on application of next-gen technologies like genetic engineering, Internet of Things (IoT), 5G, quantum computing, etc. Startups have been a key generator of IPR (Intellectual Property Rights) in the last few years and are well poised to take on the future.

As the penetration of digital technologies increase, a huge volume of data is being generated. Organisations are reinventing their business models with a need to deal with increasing data, maintaining transparency and dissemination of information through their value chain network along with capitalizing on the information available to create new bundle of products.

Science and technology is progressing exponentially creating new opportunities of growth every few years. The ever changing technological paradigm shifts the need for highly skilled workforce which is currently at a dearth. The cost of training individuals is growing but the solutions have started coming from a nascent startup ecosystem in the country and they believe in fail fast ideology. Impact of changing trends in the field of science and technology.

Translation (English-Hindi) Exercise – 49

 Translation (English-Hindi) Exercise – 49

The last few years have seen innovation in India reach a tipping point. The emergence of Indian unicorns along with their growing numbers has caused a huge participation in the startup ecosystem. India, as a country, is surrounded by challenges that demand innovative nonlinear solutions. The challenges to be addressed are intertwined and are related to poverty, education, healthcare, and the environment. With the confluence of a unique demographic dividend where over 150 million students will be entering into the workforce over the next few years and one of the fastest growing major economies of the world; affordable, advanced, accessible technologies enabling rapid prototyping and deployment of innovations in every sphere of life will become a necessity. The Government of India is taking major steps to create and promote an ecosystem of innovation and entrepreneurship. One such significant intervention is the flagship initiative Atal Innovation Mission which focuses on building a culture of innovation to help transform a nation of job seekers to a nation of researchers, innovators, and job creators. Innovation plays a key role in the economic development of any nation, and the various technological changes contribute considerably to the development of developing economies.

Translation (English-Hindi) Exercise – 48

 Translation (English-Hindi) Exercise – 48

 With all this happening at such an incredible pace worldwide, what is it that we see missing in India today? May be a holistic innovation ecosystem which allows the cognitive capacity of our ever-growing workforce to express themselves as innovators and job creators. With over 1.35 billion people, close to a million schools, around 10,500 engineering establishments and a similar number of business schools, we need to ensure that the future generations are enabled and are able to realise their true potential and get opportunity to express and innovate. We need to address issues such as the need to update curricula as per the growing industry requirements, communication skills and techniques to improve technical writing. We should also focus on institutional strategies to increase the visibility of research conducted by scientists and financing of entrepreneurial activities; to promote and create incentives for commercializing innovations which are worthy and promote talent which aims at socio-economic improvement of the society at large. The Indian government has actively identified the policy gaps that exist in the industrial and innovation ecosystem and is implementing appropriate reforms to address and accelerate the growth of the ecosystem. The efforts can be seen bearing fruits as we see improvement in the Ease of Doing Business rankings. There have also been numerous Productivity Linked Incentives (PLI) schemes which have been rolled out in the last 18 months to provide acceleration to the manufacturing sector. All these and many more positive steps are being taken to ensure a leapfrog development of the Indian ecosystem.