Banking must support innovation for success of ‘Make in India’

The Dollar Business Bureau “Banking and Innovation are the two pillars on which, Indian economy can thrive provided a proper strategy is developed that fosters a climate of co-operation between innovators, investors and entrepreneurs,” said Pranab Mukherjee, President of India. He was speaking at a programme on the “Roundtable on financing of Innovations with Leaders of Banking and Financial sectors.” The President said that though the government has taken several initiatives to encourage innovations and start-ups that will help generate jobs and overcome poverty, there are challenges to overcome still, as ingenious youth both in rural and urban areas are yet to be adequately met by the banking sector. Stating that the banking system in addition to financing can help the youth by providing technical assistance in collaboration with the National Innovation Foundation, the President added that creating linkages between creative people and successful clients could be a game-changing institutional innovation. “Financing of innovation, being a critical step, the role of the banking system is paramount in the entire innovation value-chain,” he said and added, “A nation which performs high on innovation has, among other factors, a buoyant and supportive financial sector to leverage innovations.” In India unfortunately, there are many instances of innovations that are languishing for want of financial support and hope the fruitful interactions between grassroots innovators and various stakeholders of the innovation eco-system, both within and outside the country will help the nation’s innovators and innovation-based enterprises with a fair chance of success, more so in the context of India’s ‘Make in India’ initiative, he concluded.  

This article was published on March 13, 2015.