NITI Aayog CEO Amitabh Kant said on Saturday that technology in sunrise sectors will have to be the key for the country to achieve 9-10 per cent growth.
Sunrise industry is a colloquial term for a burgeoning sector or business in its infancy stage showing promise of a rapid boom. Sunrise industries are typically characterized by high growth rates, numerous start-ups, and an abundance of venture capital funding.
Kant was delivering the 41st Vikram Sarabhai Memorial Lecture in Ahmedabad.
“My belief is, unless and until we don’t use technology to leapfrog into the next generation, it will be we grow as usual, at 4-5 per cent.
“But if you want a quantum jump of 9-10 per cent, technology in sunrise areas of growth has to be the key,” he said.
“And therefore, we must use machine learning, we must use artificial intelligence to make this massive growth process,” Kant said.
Electric mobility will be the newer area of growth, especially with the cost of battery falling radically, he said. Data storage has also created huge possibilities for innovators, he said.
“What India has done is create a vast amount of data in public domain, on the back of which it has allowed private sector to innovate. What we need to do is use this public highways for a lot of private sector innovation,” he said.
“No other country in the world has the size and scale of India as far as data is concerned. Nowhere in the world we have public data of this size and scale to find solutions to the challenges of India,” he said.
Underscoring the importance of design, Kant said it accounts for 70 per cent of a product’s value.
“In today’s world, more than manufacturing, it is design which is important. Therefore, design in India must become our key principle… And that is where the real value lies,” he said.
Indian companies, innovators, researchers and academicians should come forward and register their patents, Kant said.
“India’s patent registration has been absolutely dismal. And therefore, the key really is about building intellectual knowledge, doing research, about registering.Therefore, it is big onus on all of us,” he said.
India has seen a large number of start-ups emerging in recent times, he said.
“And start-ups are not merely disrupting systems, but many are finding solutions to problems in India, he said.
He also called for gender parity in the country’s work force and reforms in the agricultural sector.