STPI is a society established in 1991 by the Indian Ministry of Electronics and Information Technology with the objective of encouraging, promoting and boosting the export of software from India.
Bengaluru has been widely cited as one of the fastest growing technology hubs and startup capitals in the world. Bengaluru is ranked 11th Best Global Startup Ecosystem, as per the Startup Blink Startup Eco-system Rankings Report 2019, moving up from rank 21 in the year 2017. Our Department is in the process of drafting a new policy on innovation and technology with the view to address the new age challenges in regulation for innovation. We are considering innovative concepts such as regulatory sandboxes to ensure adequate legal framework for innovation is available. Our aim is to make the state a leading promoter for all emerging technologies by strengthening existing technology Centres of Excellence in areas such as Cyber Security, Data Analytics, IoT, Artificial Intelligence.”
Kris Gopalakrishnan, Past President, CII & Chairman, India Innovation Summit, said that the march of technology is continuous and the world has made great strides in quantum technology and artificial Intelligence. New business models are continuously emerging, and it is imperative to stay up-to-date in order to be relevant. With industry boundaries blurring, policy makers need to ensure that regulations keep up with innovation. Sandbox models may be needed to test innovation, and business models to ensure the desired outcome is achieved. India Innovation Summit is a platform to deliberate, debate and learn. Citing the current distress in the auto industry, he said it is encouraging that the government is promoting greener technologies. However, in order to successfully implement new policies, we need to adopt a holistic approach that looks at the entire ecosystem right from raw materials to finished products.
Rekha M. Menon, chairman & senior managing director, Accenture said that in India, innovation will be the main pivot for India to be a USD 5 Trillion economy. Innovation will be the cornerstone and there is no other choice. We need to be mindful that in achieving our target of a $5 trillion economy, innovation for socio-economic growth is not overlooked. In order for India to move up the global innovation index, we need to ensure that innovation is a process, a collaborative approach that involves government, academia, research and startups.
Startups are the key in the innovation ecosystem. India now is the third largest hub for technology startups which is a positive sign. The other area to focus on is investment in R&D. India ranks 50th in R&D investment and this number must go up with participation of government, academia and private sector, she added.