Innovation, incubation, start-ups are buzz words in today’s global economy : Venakaiah

CHENNAI, Mar 13: Vice President M Venkaiah Naidu on Wednesday said innovation, incubation and start-ups were the buzz words in today’s world and countries and societies which were knowledge-centric and technology-driven would play an increasing role in the global economy.
Inaugurating the Centre of Excellence for Manufacturing of National Initiative for Developing and Harnessing Innovations (NIDHI?CoE) at Vel Tech University here, he said For us in India, this was the time to seize the opportunity and promote the culture of innovation and technology-based entrepreneurship.
”We have to stay ahead of the curve if we have to play a meaningful and important role in the 4th Industrial Revolution”, he added. Stating that unlike many other countries, India was placed in an advantageous position, Mr Venkaiah said India has a tremendous demographic dividend that was waiting to be realized. ”In an ageing world, India has one of the youngest populations”, he said and pointed out that by 2020, the median age in India would be just 28, compared to 37 in China and the US, 45 in Western Europe and 49 in Japan.
He said ”with about 65 per cent of the population below the age of 35 years, we need to convert this huge human capital into a force multiplier for the Indian economy by technologically empowering the youth.” He said entrepreneurship helps the economy of a country to grow and create jobs. (UNI)