Governor inaugurates ASSOCHAM summit,says focus on innovation for development

By Abha Manakatala - Fri Jul 03, 12:47 pm

The summit organised by Associateed Chambers of Commerce and Industry of India(ASSOCHAM) was held on “Opportunities and Challenges” at Hotel BNR Chanakya in Ranchi today.

Addressing the summit Murmu said:”At the time when innovations play an important role in everyday life, a larger look on the issue is a laudable role that can be played by the bodies such as ASSOCHAM.”

“In business and economics, innovation is the catalyst to growth, Research and innovation is the essence of any business endeavor. Their spin-offs could be large and immensely beneficial to wide spectrum of the society”,the Governor said.

Murmu said:”It is innovation due to which industrial enterprises show high growth momentum and keep themselves ahead of their competitors. Given the noticeable effects on efficiency, quality of life, and productive growth, innovation is a key factor in society and economy.”

Further she said that a novel device is often described as an innovation.But in “economics, management science, and other fields of practice and analysis innovation inovation is generally considered to be a process that brings together various novel ideas in a way that they have an impact on society”,she said.
She added that there are several sources of innovation.” It can occur as a result of a focus effort by a range of different agents, by chance, or as a result of a major system failure”,said the Governor.

More,she observed that innovative ecosystems are the essential area that calls for action, responsibility and involvement from all stakeholders.

“Government can play a key responsibility in this regard and should create an enabling environment that facilitates finances, incentives and commercializes innovative products and solutions:,she said adding that focus on research and innovation and collaboration between stakeholders along with concrete reform proposals to stimulate innovation and competitiveness and to nurture the ecosystem needs to be promoted.

Innovation by businesses is achieved in many ways, with much attention now given to formal research and development (R&D) for “breakthrough innovations”,she observed.

” R&D help spur on patents and other scientific innovations that leads to productive growth in such areas as industry, medicine, engineering, and government. Yet, innovations can be developed by less formal on-the-job modifications of practice, through exchange and combination of professional experience and by many other routes. The more radical and revolutionary innovations tend to emerge from R&D, while more incremental innovations may emerge from practice – but there are many exceptions to each of these trends”,said the Governor.

Further,the Governor Murmu said:”The entrepreneurs in Jharkhand should look into this area in a serious way as a number of outstanding institutes are there which can act as catalyst to reach their goal. Innovation means to do something new and good for the development.”

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