Use of knowledge, technology needed for inclusive growth: FM

Finance Minister P Chidambaram today pitched for greater use of knowledge and technology to meet the challenges of economic growth and improve the plight of people at bottom of pyramid.

"India has the ability to take leadership position in the world in the next few decades by evolving into a knowledge society and finding innovative solutions to socio-economic challenges and it is an idea whose time has come. We commit ourselves to work towards it", Chidambaram said in his address which was read by Economic Affairs Secretary Arvind Mayaram.

The Minister, who was scheduled to attend the Seminar at the ADB annual meet jointly organised by Ministry of Finance and Ficci, could not take part due to discussions on the Finance Bill in Rajya Sabha.

Stressing that the government is keen on promoting uniquely inclusive model for innovation, he said it is willing to leverage on new approaches to innovation in technology platforms, connectivity and collaboration through National Innovation Council (NIC).

The NIC has outlined setting up of a 1 billion (about Rs 5,000 crore) fund to facilitate talent development.

The fund would help encourage and finance such products to boost scientific innovations that can improve the life of the common man, Chidambaram said.

The inclusive innovation fund is built on the principle that innovative enterprise can profitably, with scalability, and competitively engage citizens at the lower strata of the economic pyramid and in doing so provide goods and services that will transform their lives for better.

Emphasising that innovative growth model are essential to address problems of inequality, Chidambaram said Government of India has recognised 2010 to 2020 as the decade of innovation.

"There is a constant need to look for solutions that will address the needs of those at the bottom of the pyramid," he said.

In order to transform India into global innovation hub, Chidambaram said, "the time is right to review innovation progress in terms of innovation capacity, capability and environment and to identify key opportunities for further development".

Priorities include developing alternative energy sources, reducing costs and improving healthcare with information technology," he added.