The President, who attributed India's "remarkable resilience" in handling the economic meltdown partly to its strong foundation in higher education sector, said the country must raise the standards of higher education to a level befitting its growing economic power status.
Addressing the annual convocation of the Motilal Nehru National Institute of Technology here, Mukherjee said though India's growth rate had slightly contracted since 2010-11 in the face of global economic meltdown, India has been able to withstand the crisis and has shown a remarkable resilience in handling the economy.
However, he said "we lag far behind many other countries in research and innovation", adding the total number of patent applications filed by Indians in 2010 was around six thousand which was only 0.30 per cent of the total applications filed in the world.
"....It pales in comparison to over 3 lakh applications by Chinese, around 1.7 lakh filed by Germans, 4.64 lakh filed by Japanese and 4.2 lakh filed by Americans," the President said.
The Pressident said one of the key factors behind India