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  1. 1. Team: Sushil Chaudhari Varun Lashkari Karthik K Raghav Swasti
  2. 2. Problem Statement: Lack of adequate research and innovation within India Scope of the problem • Economic Development • Social Development • International Competitiveness • Productivity • Industrial Growth • Education • Environment • Regulation • Product Quality • Service Quality • Health • Safety Causes of the problem • Quality of higher education system • Absence of a vibrant High-technology sector • Limited impact of Government support programs • The Science - Technology divide • Low magnitude of spillovers of Foreign R&D investment • Corruption • Culture Reason for selecting the causes • Quality of higher education system • Poor foundation does not support innovation • Lack of practical exposure reduces confidence to try something new • Government policies • Lack of financial support hinders young & bright individuals from entering this area • Lack of universities dedicated to research results in lack of attractiveness of this field • Lack of infrastructure reduces the scope of research & innovation activities • Culture • Attitude of intolerance to failure is one of the main factors that hinders innovation in a country
  3. 3. Proposed Solution Knowledge Pool Import Knowledge Acquire knowledge from within the country Create new knowledge within the country Users & investors for the knowledge pool Pvt. Firms Government  Administration & mgmt.  Development, planning & implementation Public institutions Social organizations Individuals Disseminating knowledge market  Informal network  Specialized organization  Technology infrastructure Merits New category of universities for research & innovation No shortage of faculties Will be governed and audited by the center Will promote Researchers to turn into Entrepreneurs. Innovation system envisions new and varied roles for federal, state, and local authorities and for civil society.
  4. 4. Implementation of Solution: High level description of key steps a) Take a broad view of innovation and its forms and sources. b) Go beyond traditional science and technology policy and adopt a “whole-of-government” approach. c) Create receptive and mobilizing climates. d) Put in place efficient institutions and instruments. e) Adapt to the societal context f) Technology strategy—tapping into global knowledge and technology for dissemination in the local economy g) Legal framework—minimal rules h) Policy focus—specific needs and assets i) Institutions—minimal equipment  the direct support of innovative projects through provision of technical, financial, and other needs  the removal of regulatory or informal obstacles to innovative efforts, such as customs procedures or rules on university-industry cooperation j) Agents of change—using global connections for leveraging change in the domestic context k) Reform approach—acting on specific sites and stimulating broader reforms via success stories l) Cultural and behavioural characteristics— respecting cultural and behavioural specificities
  5. 5. Implementation of Solution Steps to encourage innovation & R&D Reducing barriers to imports of goods and services Opening up to foreign direct investment Liberalizing licensing of foreign technology Increasing domestic competition Reducing bureaucracy Tax incentives for R&D Grants for R&D projects Accelerated depreciation for R&D equipment Duty exemption on imported inputs into R&D Venture capital to facilitate commercialization of research results Importing Knowledge : Attract NRIs to work in the field of Research and Innovation within the geographical borders of India under the umbrella of institutions established for this purpose. To indulge in talks /consult professors from the institutions like Harvard, Ivy League, Columbia, Oxford where greater amount of credit and emphasis is given to Research and Innovation.
  6. 6. Implementation of Solution Eg. Agricultural Innovation System Stakeholders • Investors • Pvt. Firms • Government • Foreign investors • Participants • Universities & research institutes • Researchers • Foreign nationals contributing to research in India • Students • Employees • Beneficiaries • Government • Students • Firms adopting the innovations
  7. 7. Impact of the Solution The above mentioned solution will bring in phenomenal impact on the economy as a whole. 1.By acquiring / importing knowledge from abroad , dependence on foreign Research papers will reduce. 2.It will reduce the Forex outflow by various companies which work in the field of pharmaceuticals, IT, Defence and Aero-space etc. as the updates and high quality work/ skilled people will be available within the Indian borders. 3.Availability of quality workforce.( with availability of greater number of researchers ) 4.Bring in greater amount of collaboration between the State, individuals , public institutions and the Business community. ( as the solution gives equal credits to both of them in establishing the institutions.
  8. 8. Challenges & Mitigation Factors Funding : to mitigate it follow the inclusive innovation fund model Inclusive Growth Fund Banks, Insurance Cos, Corporates, HNI’s, Overseas Institutions Govt Rs. 4500 Cr Rs. 500 Cr Fund 1 Venture “n”Venture 1 VentureVentureVentureVenture Venture B Venture A Fund “n” Fund “n” Managers Fund 1 Managers Rs.20Cr Rs.50Cr Rs. 1 Cr Rs. 2 Cr Rs. 20 Cr Rs. 100 Cr Inclusive Growth Fund Banks, Insurance Cos, Corporates, HNI’s, Overseas Institutions Govt Rs. 4500 Cr Rs. 500 Cr Fund 1 Venture “n”Venture 1 VentureVentureVentureVenture Venture B Venture A Fund “n” Fund “n” Managers Fund 1 Managers Rs.20Cr Rs.50Cr Rs. 1 Cr Rs. 2 Cr Rs. 20 Cr Rs. 100 Cr
  9. 9. Challenges & Mitigation Factors Disparity - Rich & Poor - Urban & rural - Educated & Uneducated Demography - 550 million below 25 years - Health, Nutrition - Education, Jobs Development - Expedite the process & create new methods & new models Mitigation plan
  10. 10. Appendix Supporting documents & references India attractiveness report pdf Innovation leadership pdf