President Pranab Mukherjee on Tuesday received the National Innovation Council's Report to the People 2013 in Rashtrapati Bhavan.
Speaking on the occasion, President Mukherjee said knowledge and innovation are the twin pillars around which nations will compete, grow and prosper in the 21st century.
"Strengthening the country's knowledge and innovation ecosystem is critical to ensure a brighter future for our young, and to enhance competitive advantage in an increasingly globalised world," he said.
He said the only way we can leapfrog to a status of a developed nation is by using innovation as a ladder.
He also said applying the lens of innovation to these critical-needs sectors can not only generate new solutions to solve old problems, but also enable the development process to become more inclusive by serving a large section of underserved populations at the bottom of economic pyramid.
"Innovation in the areas of education, skill development, and entrepreneurship can enable our youth emerge as the work force not only for India, but also for the world, as working age populations decline globally," he said.
"We are in the midst of exciting times as we have access to new tools, technology and connectivity and these platforms can ignite innovation like never before,' he added.
President Mukherjee said new tools and platforms would have a massive impact on organisational structures, delivery models and business processes, where innovation will be critical.
"We as a nation must be ready for this new wave of innovations. Indian approach of inclusive innovation can emerge as a model for sustainable development for the world to emulate,' he added.
