Innovation, Investment, and Infusion: India's Path to Viksit Bharat by 2047

 


India needs to progress on many dimensions to attain its goal of Viksit Bharat by 2047. As per World Bank's recent white paper titled "World Development Report 2024", there are three dimensions along which a developing economy is to grow, escape the middle-income trap and become a developed country with an average per capita income of its citizens approaching the level in today's developed nations. These three dimensions are Investment, Infusion and Innovation. A large & diverse country like India must progress on all three dimensions simultaneously.  Further, Innovation is a multi-dimensional phenomenon.  It must function on all 4 domains – science & technology, economics & business, society & governance, art & culture.  It must be both disruptive & accretive in each domain.  While we seek disruptive and accretive innovations that will make India a technological and economic superpower, we must also ensure India shows the world that prosperity can go hand in hand. with a resilient, sustainable, and inclusive society. That will be a unique achievement in the annals of human history. That is why the theme of Innoverge 2024 is visionary.

As we look towards 2047, our nation’s goal is clear: to emerge as a developed economy with a strong emphasis on social progress, scalability, inclusivity, sustainability, resilience, and independence. Today’s summit is a testament to our collective commitment to this vision. Innovation is not just a driver of economic growth but a crucial element in creating a society where opportunities are equitable and environmental stewardship is a priority. This year’s Innoverge perfectly captures this essence, focusing on the necessity of a dynamic and forward-thinking innovation ecosystem.

Karnataka is proud to lead in this endeavor, setting benchmarks with its vibrant ecosystem of research and innovation  (as Chairperson and Managing Director of Kirloskar Systems Pvt Ltd), We in business have witnessed firsthand the transformative impact of collaborative innovation. to pushing boundaries and contributing to a sustainable and inclusive future. This summit provides a unique platform to showcase how institutions and accelerators from emerging regions are driving scalable innovations with global implications.

Leadership is essential to cultivating this innovation mindset. a culture of creativity by encouraging experimentation, embracing risk-taking, and fostering collaboration across departments, which fuels groundbreaking ideas.

Innovation leaders demonstrate resilience and adaptability, guiding their organisations through change and ensuring that innovative projects receive the necessary resources and support.  Prioritizing continuous learning and professional development crucial for staying competitive. Focus on defining and tracking clear metrics to measure the impact of their efforts, motivate teams.  Managing risks adeptly while balancing potential rewards is critical to driving progress.  A customer-centric approach ensures that innovation meets market needs and enhances user experience.  Building strategic partnerships and leveraging external networks amplify innovation capabilities and accelerate progress.  Ethical considerations and sustainability are central to their approach, striving to create solutions that positively impact society and the environment.

I would like to add : Both as a woman & as a Business leader, that it is imperative to harness the strengths of both men & women equitably.  To drive innovation.  To practise inclusion & diversity as an integral part of the DNA of the organisation.  To not only provide & enable & respect equal opportunity, but also ensure an organisational culture & HR practise that provides both an inclusive but also a safe work environment.

As we move toward India@100, let us harness this opportunity to build a resilient, sustainable, and inclusive future for generations to come. Let innovation be the foundation of our progress, guiding us toward prosperity and global leadership. Together, we can shape a future where our collective efforts create lasting impact and transformative change.

(Excerpts from Geetanjali Vikram Kirloskar's Special Address at the Inaugural Session of the 20th CII India INNOVERGE 2024, held on September 4 in Bangalore)


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