He also called upon the scientific fraternity to work in a "time bound manner" to help India win a Noble Prize in science, as he noted that its over 83 years long since C V Raman won the Noble Prize for Physics.
"We need an educational system which lays importance on development of a scientific culture within the society.
"Mere economic growth without the attendant knowledge capacity to manage the dimensions of change would neither suffice nor be appropriate," he said while inaugurating the 100th session of Indian Science Congress here today.
In this context, he cited ancient universities like Nalanda or Taxila which focussed on value based holistic education.
He said that productive engagement of the youth in agriculture, manufacturing and value-based services holds the key for a balanced growth of the country.
"I would like to call upon the scientific community to work for the promotion of a scientific culture for shaping our future in which prosperity and peace, excellence and equity and oriental values and occidental methods of science converge and co-exisit," he said.
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Underscoring on the need for innovation, he said it was vital for the country if "we have to compete in a globalised economy".
The recently announced science, technology and innovation policy, he said, has laid the road map for the development of an ecosystem for innovation and for encouraging, recognising and rewarding the innovators in society.
Thanks to technological innovation, he said telephony and Internet has brought about a transformational change in the society.
While the mobile phone users in the country are the second highest in the country, he said India ranks only third after US and China in terms of Internet users. MORE