Mr. Jagtap said that innovation is the key and quoted the words of Mr. Garth Saloner, Dean, Stanford business school describing the various steps which happens during the process of innovation. He also added that though India has achieved a lot in nuclear, space and satellite sciences, the contribution of India’s industrial sector in the growth is low. India has become a service hub and not a centre for high skilled manufacturing. 

    He also observed that India’s Research and Development expenditure is only 0.8% of the GDP. In India, unlike other countries, the contribution to Research and Development is more from government than it is from private sector.

     Mr. Jagtap also said that in India technology base is increased now-a-days by acquiring a technologically superior company, outsourcing Research and Development and collaboration with universities for developing new technologies. He also noted that foreign universities earn quite a lot by licensing the technologies developed. He also gave the statistic that in Stanford university, 16% of the invention/technology developed gets licensed and around 5% of the technology developed earns revenues for the university. 

    Mr. Jagtap stressed the importance of making the public understand the importance of science. As there will be resistance to the new technologies being implemented, without effective communication between agents and antagonists of changes triggered by science and technology, the benefits of modern science to people may not be fully realized. He concluded by saying that in a globalised economy, the survival of societies and organisations will depend on the creativity of its members. The session ended with Mr. Jagtap answering the doubts of eager students.