Addressing a large audience, while delivering Key Note Address on “Innovations in Management and Social Sciences”, Prof. (Dr.) J.D. Agarwal, Sr. Professor and Founder Chairman, Indian Institute of Finance and Editor-in-Chief, Finance India at Amity University, Gwalior said India improved 6 ranks this year and ranked 60th overall in the Global Innovation Index this year and is also among the top 50 economies in Market sophistication (39th) and Knowledge and technology outputs (38th).
The conference was inaugurated by Lt. Gen V.K. Sharma, Vice Chancellor, Amity University, Madhya Pradesh. Other speakers who shared their thoughts were Prof. Ashish Chandra, Professor, University of Houston, USA and Mr. Rick Cran, Founder and CEO, Cran Enterprises. The conference was attended by over 600 delegates and students, Researchers and faculty members.
While speaking on Innovations, Prof. Agarwal said that the world has moved over the years from Bullock carts to Planes & Bullet Trains; from Single storey houses to multi Story buildings; from satellites to drones; from handwritten texts to typewriters to computers, lap tops and now mobiles &selfies; from telephones to apps and whats up video conversations etc.. Innovation presumes creativity, but creativity does not necessarily entail innovation.Creativity is thinking new things, Innovation is doing New things opined Prof. Agarwal. Education, research, practice, adoption of appropriate technology both indigenous &brought from foreign countries combined with India’s ancient knowledge produce innovations which have amused the world. Out of Box thinking would lead to new products & services; development of new processes; search for alternative raw materials; new strategies to attain the millennium goals & to meet challenges; effective and efficient use of Human Resources; education, training & Maximization their contribution and implement; need to design and Implement Innovation policies to revolutionize Sustainable Growth.
While defining Innovation, Prof. Agarwal strongly said Innovation is “new idea, device or method”. However, Innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs. While revolution is a fundamental change in political power or organizational structures that takes place in a relatively short period of time when the population rises up in revolt against the current authorities or system.
High technology may not generate jobs and wealth, while low technology developments and the exploitation of indigenous knowledge can lead to significant economic growth and improve welfare.Innovation depends upon Social Receptiveness in any field felt Prof. Agarwal. Internet Banking; Mobile Banking; Use of Solar Panels ; Creation of Green Bond in raising funds.
Innovations in widely being done in the Management, said Prof. Agarwal. New models to maximise Profits: Profit is the result of Innovations; minimise costs; offer Better quality & durability of products or services; to Increase in the market share; satisfy consumer base with New Products/services; marketing strategies, financial technology, new places & markets, establishing call centres and Venture capital, startups, Information technology firms have been developed, tested and implemented in the past few years.Innovation is disruptive said Prof. Agarwal, it need organisational and institutional innovation. The way e-commerce and finance has changed the way we do business today.
Speaking on Innovations in Social Sciences, Prof. Agarwal opined that in business & Economics Innovations can become a catalyst for growth. He specifically narrated rapid advancement in transportation & communications; Construction; Maximising Welfare of people; Creating jobs; Minimising poverty : NREGA; Aadhar & Jan DhanYojana; Digitial Economy: cash less or less economy as few of the innovation in Social science area.
Speaking on the Role of the Government, Prof. Agarwal emphasized that the Government should take the role of a Gardner. There is a need for efficient innovation policy to create an innovation climate. Government can reduce obstacles in competition and regulatory and legal frameworks and sponsor projects can respond to need and demand of the surroundings. Education System can help build creative and receptive young innovative minds. Greater need for Technology Centers, Science Parks or Export Zones.
Prof. Agarwal listed Saleforce.com; Tesla; Amazon.com; Shanghai Raas Blood Products; Netflix; Hindustan Unilever; Asian Paints in top 10 most Innovative Companies.
Prof. Agarwal lauded India‘s Civilised Past. He said that India has today become self reliant. India invented the Number System and also Zero. Aryabhatta was the first to explain spherical shape, size, diameter, rotation and correct speed of Earth in 499 AD.The World’s first university was established in Takshila in 700 BC. Students from all over the World studied more than 60 subjects.Sanskrit is considered the mother of all higher languages. Sanskrit is the most precise, and therefore suitable language for computer software – a report in Forbes magazine, July 1987.Ayurveda is the earliest school of medicine known to humans. Charaka, the father of medicine consolidated Ayurveda 2500 years ago. Infinity and Theory of Continued Fraction was discovered by Bhaskaracharya II.Indians discovered Arithmetic and Geometric progression. Arithmetic progression is explained in Yajurveda. Apart from this large number of formulas were developed in India. Detailed knowledge of anatomy, physiology, aetiology, embryology, digestion, metabolism, genetics and immunity is also found in many Indian texts.