On the stage was chief executive of computing infrastructure behemoth Nvidia, Jensen Huang.
Seated across him was the chairman of Reliance Industries, Mukesh Ambani. The occasion was the Nvidia AI Summit in Mumbai in late October, 2024.
The two were discussing innovation in India. Bringing up India’s aspirations towards technological sovereignty, its ready infrastructure and talent pool, Ambani told Huang, “India is fast becoming an innovation hub for the world...and not just the manufacturing hub.”
That an innovation hub needs a robust ecosystem that actively involves the private sector was a fact Ambani readily acknowledged. But while there is consensus on the merits of owning intellectual property rights and unlocking value, India Inc is yet to back up its words with action.
Numbers Dampener
The 2023–24 Economic Survey states that India’s research and development (R&D) as a percentage of gross domestic product stood at 0.64%. Within this, the private sector’s contribution was just 36.4% compared to 77% and 75% in China and the United States, respectively.
The private sector understands the need to step up R&D. Amit Chadha, managing director and chief executive at the multinational L&T Technology Services, says India must become a product nation to attain tech sovereignty. “You can’t simply focus on manufacturing without R&D and you don’t want to be a ‘build-to-print’ nation. Look at the engineers graduating from India and the ability of big industrial houses to invest in infrastructure, talent and proof of concepts ahead of time. This is critical,” Chadha says.
Denne historien er fra January 2025-utgaven av Outlook Business.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra January 2025-utgaven av Outlook Business.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
From Chandni Chowk to Global Recognition
For Manish Aggarwal, director at Bikano, Bikanervala Foods, the family business was not just a responsibility but a passion he took to the global stage
Spotting AI Scams
Al has become an integral part of our lives, from customer service no insurance claims. But it is also becoming a tool for fraudsters who use it to scam individuals and corporations
Let a Hundred Flowers Bloom
On the banks of the Ganges in industrial Kanpur, a start-up has blossomed that turns waste flowers into incense
BATTERY LOW
India produces enough green energy to power many of its largest cities yet lacks the storage to use it efficiently. A nation blazing forward must leap ahead in battery technology to stay on course
We Have Everything Going for Rajasthan
Rajyavardhan Singh Rathore, Rajasthan’s industry and commerce minister, tells Pushpita Dey why the state is suited to become a hub for investments.
Dairy and Other Dilemmas
India’s refusal to open its dairy market has complicated trade negotiations for years. As global partners demand concessions, is the cost of protectionism outweighing benefits?
Riding in a Maze
As gig workers ride into an uncertain future with little more than a smartphone and a bike, the government is struggling to arrange a socialsafety net. But millions without social security is recipe for disaster
BIRLA'S BIGGEST BATTLE
As Kumar Mangalam Birla completes 30 years at the helm of the Aditya Birla Group, he has a battle to defend his businesses and conquer new ones
THE INNOVATION LEAP
India dreams of becoming a product nation. But unless the corporate sector significantly increases spending on R&D, the country will continue to lag behind global peers
EDUCATION BUDGET MUST DOUBLE EVERY 3 YEARS
Veezhinathan Kamakoti, a renowned academic and director of Indian Institute of Technology Madras, tells Deepsekhar Choudhury on what technology sovereignty means for India and how it can propel the country towards its vision of becoming a developed nation by 2047.
