Key to make youth successful

Inovation holds the key to econom empowerment t a process for finding out solution to make life for improving the standard of living of people senty sector approach where the improvement in g standarts an outcome of the symbioticonship across sectors. To put it more simply innovation is the single most important ingredient for sustainable economic growth in the long run Benefits of Innovation cuts across socie culture countries repon caste and creed Hienically products such as meam engines er planes rallways, electricity and many more have been the outcomes of mouston Some of these have tras resolutionized transport, mass production, employability is rent tres formation technology has been a major transformation. It has created opportunities for new production techniques, for opening up of new markets and also new business models

In Economics, the concept of innovation was initaly addressed by Adam Smith, the father of modern Economics, his acclaimed book The Wealth of Nations. He susceptualised output as a function of labour and capital, However, the enensic growth or the growth in ecunomic output could not be fully attributed to the proportional rise in labour and capital in 1957, Professor Solow introduced a new concept of technological charge. He opined that technological changes The key factor that enhances the productivity of labour and capital which in turn leads to higher comic output ar growth. However, Professor Salow, in his model, treated technological change as an exogenous variable in, which is determined from outside the model. Later, Professor Romer in is model brought in concepts such as Research and Development (USD) and human capita as the main factors of technological change: So, economic growth was no longer a product of only labour and capital, but much more than that. Both Research and Development and human capital are identified as key mablers for ovation and economic

One of the major benefits of innovation is th impact on aconomic growth. Rather, innovation results in virtuous cycle of growth. To put it simply innovation leads to higher productivity Anductivity increases, more gods and services are produced which results in more economic activities, which in turn results in higher wage rates, more purchasing power to the people resulting in greater demand for goods and services and finally higher economic growth More often, invention and innovation are used interchangeable, however, there is a subtle difference between the two While invention refers to the creation of a new product or device innovation refers to the changes that are made in an existing product to make it more user friendly Se, innovation is application of new ideas, new procedures to the existing product Innovation is catalysed through an incovative ecosystem which provides the environment for innovation and technological advancement. The innovation ecosystem runs on material capital and human capital. While material capital is the infrastructural support, human capital is the talent poot that is deployed, Innovation is essentially atwo pronged approach At micro level, enn undertake innovation expand its output and subsequent market share, whee, at the macro level, the state encourages innovation for economic growth A conducive innovation ecosystem is essential for innovation to reach across all lectors of the economy, innovation alue addresses the economic piction of the people of a particular country and at the sensitive so its social structure Technological Innovation: A crucial force that Drives Economic Growth
Its proven fact that technological ovation sa key factor that dives economic growth, Technological innovation Le innovation driven by modern and new technologies aims at improving productivity and improved delivery of goods and services to the common people. However technological innovation when accompanied by long gestation period. The benefits of such innovation is seen after a certain period of time The subset future generations become the tre gainers of such innovation Another important aspect of such innovation is its indusivity Le the benefit is being enjoyed by the entire population novation creates disruption, rather, short term disruption. These doruptions are initially iscouraging since they challenge the existing system, which results in obsolescence of o Business models Loss of jobs may also occur at initial stages as adaptability to sach technology takes time. However the long term benefits of such duration is unprecedented Reduction of time and cod are other crucial advantages of technological innovation. Cost and bewe nduction usin improved business efficiency

Indie and innovation World intelectual Property Organisation. (WIP) fus recently released the king of Global innovation Indes 2000 a 2000) Gl provides detailed analysis of innovation. performance of 131 countries based on eighty major parameters. The 6t 2020 sheds light on the state of innovation financing by investigating the evolution of existing mechanisms and by pointing to progress and remaining challenges India has occupied 40 position and is among the list of 50 most innovative countries. In 2019, led had occupied 52 position in the same index india has been identified as one of the leading innovation achievers in the Central and Southern Asian region. The report also mentions that India has shown a comitent improvement et innovation ranking in the last five years in the report india ranks high in knowledge and technology outputs (27) and market sophistication (1) However, Tedia has been assigned a relatively lower rank in infrastructure (75), India has been ranked for the fifth consecutive year with top positions in the quality of scientific publications (21 globally). and the quality of its universities (22) indian) Institute of Technology (Bombay and Del) and the indian istitute of Science Bengaluru have been recognised as top universities Report recognized india for valuable brands and ranks 31 in the G indicator on Global brands. Ina's 164 brands led by TATA Group feature in the top 5,000 brands globally, India has been recognised for a vibrant start-up ecosystem with 6 of the top 100 most entrepreneurial cities in the world india has also been recognized for investing in Science intensive industries including medical sciences and biosciences as these instruments can effectively be used to foster investments. The report has also renged afforts undertaken by Government Ministries/Departments like PUT and N Aayog in fostering research and innovation in the country