Innovation is a key strategy for growth: President

New Delhi, Dec 21 (KNN)  The President of India, Pranab Mukherjee said that innovation is a key strategy for growth and called upon the Indian industry to develop strategic partnerships with universities and research institutions to take forward key innovation ideas.

Speaking at the inauguration of the twenty-eighth Indian Engineering Congress on the theme, “Engineering Advancements and Accelerated Nation Building”, Mukherjee said the immediate challenge is to reverse the economic deceleration and nurse the growth back to the eight per cent plus levels clocked in the past.

“Positive factors such as continuing rise in per capita incomes, expanding middle-class consumers, and a young and energetic workforce gives confidence that as the global economy revives, we will be able to secure faster growth,” he said.

The president said a brigade of entrepreneurs would play a bigger role in the global industrial landscape to enable growth.

He has also suggested the introduction of new operating models-flexible automation, multi-location production, deferred customization and disposable factories through innovative engineering.

The President called upon every engineering and technical institution in the country to make an all-out effort to help India develop a large pool of proficient scientific and technical manpower.

He also asked the Institution of Engineers (India) to think of establishing an Institute of Excellence in Engineering and Technology to create synergy between industry and academia through high quality engineering education and innovative research.