Innovation is the prime driver of differentiation between developed and developing nations, said Mr. Sandeep Maini, Chairman of Maini Group. Speaking at the opening session of the two-day CII India Innovation Summit 2019 here on Wednesday, he said globally most industries, asset-driven and regulation-based, were turning innovation-centric by adopting digital transformation.
Human capital
“The vast human capital puts India at a vantage point, while making us dependent on our own ability to ideate, create, network and collaborate with other nations to deliver better results,” said Mr. Maini.
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Speaking on the occasion, Mr. Kris Gopalakrishnan, Chairman, India Innovation Summit, said the march of technology was continuous as 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 maybe needed to test innovation and business models to ensure the desired outcome is achieved,” he said.
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In a deliberation at the summit, Ms. Nicole Girard, Consul General, Consulate General of Canada, said, India was Canada’s fastest growing trade partner and people-to-people ties grew in double digit.