Chennai: India can become the world centre of science and education if it focuses on 'common sense' innovations, said an expert at a meet organised by the Confederation of Indian Industry (CII) in Chennai.
"The Indian industry must focus on creating the capability to produce its own products, instead of ending up being mere license owners of foreign technologies," Lord Bhattacharyya from Warwick University said on Saturday, at a meet on 'New Horizons in Innovation'.
Citing the successful models of Indian product capability, exhibited by companies like Tata Motors, Bharat Forge and TVS Motors, he said, "Being a license partner for multinational companies will not yield any results in terms of knowledge transfer and long-term sustainability."
In his address, President, CII, R Seshasayee, said innovation is one of the four mission areas the confederation is focusing this year.
"Indian industry has performed remarkably well, creating a global footprint but it has to go beyond the linear, continuous improvement route and redefine its growth model through innovation," he said.
CII will facilitate at least 100 companies to become innovators, Seshasayee added.
He emphasised the need to integrate knowledge as the fourth dimension of the industry - along with the land, labour and capital.
"The growth of investment in research and development is directly proportionate to the growth of the human development index," he said.
In 2005, has registered 650 patents while China has registered over 2,500 patents. The US and Europe registered 45,000 and 25,000 patents respectively in the same period.
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