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Innovation and adoption of latest technologies hold the key for India’s future growth : Piyush Goyal

Saransh Pandey

Intern
  • August 10, 2020
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    • Piyush Goyal said that innovation and adoption of the latest technologies are deciding the fate of the industries
    • Future growth will depend on using these new-age technological developments for sustainable growth

Piyush Goyal, Minister of Commerce and Industry said currently all sectors are being influenced by industry 4.0 fast, thus innovation and adoption of the latest technologies hold the key for India’s future growth. According to him today technologies like artificial intelligence, data analytics, IoT, nanotechnology, 5G, robotics quantum computing is deciding the fate of the industries. 

Future growth will depend on using these new-age technological developments for sustainable growth; he added that the government is making efforts to accelerate the pace of industries adoption to the new technology. He further said that “As more and more technology comes in, machines become smarter, industries start evolving and adopting these technologies, we will be in a better position to engage with the rest of the world on free and fair terms and gain the competitive edge”. 

Goel pointed out to the fact that the number of rural internet users in India has surpassed the urban internet usage and this can be used as an opportunity to promote technology, engaging the whole country with innovation, and in bridging the digital divide. These all aspects were discussed by Piyush Goyal during a roundtable organized by UNIDO India on “Making industry 4.0 work for self-reliant India”. 

UNIDO’s report titled “Industrializing in the Digital Age, UNIDO Industrial Development Report 2020” has found that only 10 counties that include Germany, Japan, Republic of Korea, UK and USA are leading the development and application of ADP technologies, whereas India is the only lower-middle-income country that made it to the group of followers in production. These facts were put forward by René Van Berkel, UNIDO Representative India according to whom only a few countries, are creating and adopting Advanced Digital Production (ADP) technologies at scale. 

According to the UNIDO report observations, India’s 88% of all firms belonging to the ‘digital leaders' group’ are in the manufacturing sector, and the country’s 16% firms are classified as highly innovative. Also, the report stated that India has different generations of digital and physical technologies.

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