There is 'India Inside' in almost every product we consume: MoS Rajeev Chandrasekhar
Union Minister Rajeev Chandrasekhar said that over 70 per cent of the 50 most innovative global companies have a research and development centre in India.
Union Minister Rajeev Chandrasekhar on Wednesday informed that over 70 per cent of the 50 most innovative global companies have a research and development centre in India.
Addressing the 13th edition of the Design and Engineering Summit of NASSCOM, the Union Minister of State for Electronics and IT, Skill Development and Entrepreneurship said that over $31 billion revenue is generated from the engineering, research and development sector.
He further said that India is home to over 1000 global companies that have set up centres in India for product R&D across diverse sectors.
"It is almost like there is 'India Inside' in almost every product we consume," MoS Rajeev Chandrasekhar said.
Reiterating that there are great opportunities in manufacturing, engineering, and digitalisation that could play an instrumental role in the government's vision of a trillion-dollar digital economy in the next 5 years, the minister said that the pandemic has created an irreversible shift for innovation and new opportunities in how products get designed, engineered, consumed and serviced through contactless systems, intelligence and analytics and software-led system.
India has to lead this clarion call to build innovative solutions for the world and for India and build for the next billion, he said, adding that India has been moving up the Global Innovation Index and is currently at 46th rank ever since Prime Minister Narendra Modi launched Digital India in 2015.
MoS Rajeev Chandrasekhar said, "There is also a new excitement in India and the can-do spirit of our start-up entrepreneurs. The year 2021 has seen 27 unicorns and over $20 billion in funding. The number of start-up IPOs in India makes 2021 the year of startups."