Referring to the Internet as the most defining feature of our generation, CII-TNSC Chairperson Nandini Rangaswamy said “Business transactions that contribute to over 90 per cent of the world's gross domestic production happen over the Internet.”

While only 25 per cent of the world's population is connected to the Internet, they are emerging as change agents in a variety of fields, she added.

Ms. Nandini was speaking at the valedictory session on day three of ‘graVITas 2010,' organised at VIT University, here on Sunday. According to her, the largest-used information and communication system created by mankind is changing the way we relate to each other and transact information. “Innovation is going to be the backbone of future business,” she said.

Terming students as the “digital generation of the new millennia,” she asked them to look at the bigger picture and explore untouched business opportunities.

VIT University Chancellor G. Viswanathan said that while we constantly talk about the need to nurture innovation, only six per cent of India's science and technology manpower is engaged in research. “We are going through a phase of technological colonisation. We are living on borrowed technology,” he said.

Pointing out that research in India relies almost entirely on government funding (nearly 80 per cent) Mr. Viswanathan said that this scenario must change.

“The role of universities is not just to disseminate knowledge, but to create knowledge,” he added.

Pratima Amonkar, Director (Academia), Microsoft India, said that each student had a special spark of innovation within them. “Indian industry is going through an exciting time. Learn to nurture that spark within you. Always believe in collaboration, not competition,” she said. K. Subburaj, Chairman of Cethar Vessels Ltd., spoke.