October 04, 2026 01:53 am (IST)
Follow us:
Entrepreneurship needs to be at forefront of economic agenda: President
New Delhi, Mar 13 (IBNS) President Pranab Mukherjee has said that putting entrepreneurship at the forefront of the economic agenda is the need of the hour during the first day of the Festival of Innovation at the Rashtrapati Bhavan in Delhi.
The day concluded with a summary of the discussions in the global roundtable on inclusive innovations being presented to the President.
Speaking on the occasion, the President said the Indian economy today needs to generate 115 million non-farm jobs over the next decade, to gainfully employ its workforce and reap its ‘demographic dividend’.
"Given this context, encouraging and promoting self-employment as a career option for young people will be of paramount importance," Mukherjee said on Saturday.
He said: “We need to focus on “inclusive innovation” projects which are initiatives that directly serve the welfare of lower-income and excluded groups. India will have to encourage creation of new SMEs focused on manufacturing, while spurring grassroots innovation and growth. Putting entrepreneurship at the forefront of the economic agenda is, thus, the need of the hour."
The President said many of the advanced nations have capitalized on their educational network to assume leadership positions in the area of innovation, start-ups and research. India with an educational network of over 700 universities and 35,000 colleges is optimally placed to capitalize on its intellectual seed capital.
In the conference of vice chancellors of central universities in 2013, he had called upon them to consider setting up innovation clubs that would act as a platform for exchange of ideas between the students and faculty, and grassroots innovators.
He has reiterated this call in the conferences of heads of other central institutes of higher learning held subsequently. In the last three years, innovation clubs, incubators and hubs have been set up in around 85 central higher educational institutions.
In the Visitor’s Conference held in November last year and the Governor’s Conference in February this year, he had requested the Vice Chancellors of Central Universities and Directors of NITs, IITs and IISERs as also Governors, who are the Chancellors of State Universities, to work on innovation as a theme in their respective educational institutions and facilitate transformation of ideas into innovative products and services.
Highlighting the issue of low levels of investment by Indian firms and businesses in R&D, the President said our current investment levels in R&D are a fraction of what world class companies spend.
"The major contributor of R&D expenditure is the Government. Without a substantive stepping up of these expenditures, we cannot expect to be at the higher end of the value chain," Mukherjee said.
He called upon the private sector and institutes of higher learning to devote a larger part of their resources for R&D to enable innovation and job creation across the economy.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
Latest Headlines
Netanyahu speaks to Indian Flydubai pilot Smit Machchhar, invites him to light torch at Israel Independence Day ceremony
Sat, Oct 03 2026
Who is Mad Sandhu? Popular LGBTQ influencer shot dead in Punjab
Sat, Oct 03 2026
India deepens Indo-Pacific Maritime outreach as INS Sahyadri, Kulish conclude naval exercise
Sat, Oct 03 2026
Flydubai Attack: Dubai Crown Prince visits injured Indian pilot Smit Machchhar in hospital
Sat, Oct 03 2026
Hyderabad temple attack: Man hits Goddess idol with sticks, attacks priest; BJP demands action
Fri, Oct 02 2026
Hockey legend Pargat Singh named Punjab Congress chief, party sticks with Jat Sikh face
Fri, Oct 02 2026
Dharavi’s new avatar? Maharashtra CM Devendra Fadnavis unveils Experience Centre showcasing future homes, township plan
Fri, Oct 02 2026