Innovation in ‘Jugaad’: The Frugal Engine Propelling India's Technological Ascent

Chandigarh, November 30, 2023: In a groundbreaking initiative to bolster India's technological landscape, CII Northern Region hosted the first edition of the Technovate Summit 2023 at CII-NR Headquarters in Chandigarh today. Focused on the pivotal role of Micro, Small, and Medium Enterprises (MSMEs) in India's industrial fabric, the summit aimed at charting a course for MSMEs to harness the power of emerging technologies, fostering innovation, and propelling India's economic growth.

The Technovate Summit 2023, themed 'Propelling India's Growth Through Technology and Innovation,' addressed the challenges faced by MSMEs amid global competition and the imperative need for them to integrate technology and innovation into their operations. With a particular emphasis on Research and Development (R&D), the summit sought to create a roadmap for MSMEs to adapt to emerging technologies, reshape their businesses, and cultivate an environment conducive to innovation, startups, and entrepreneurship.

Jayant Davar, Conference Chairman, and Co-Chairman & Managing Director, Sandhar Technologies Ltd delivered a captivating presentation, underscoring the significance of innovation in our daily lives. He remarked, "Without innovation in our daily lives, we will not be able to achieve what we are setting out to achieve not just for ourselves, but humanity in general. We need to understand the meaning of innovation and change our mindsets to move forward. From mechanization to electrification, and now into the era of AI, we must learn to adapt to these transformative tools that are shaping the world. Jugaad, our frugal engineering, should be the foundation of our innovation pyramid, propelling us forward with everyday innovation."

Vivek Gupta, Chairman, CII Chandigarh and Managing Director, NEC Packaging Ltd, added insightful perspectives on the dynamics of technology adoption in society. He remarked, "The time it takes for society to embrace a new technology is a fascinating and often unpredictable phenomenon. It is not merely a linear path but a dynamic process influenced by factors such as familiarity, education, awareness, the perceived impact on daily life, and the role of regulation and policy. The symbiotic relationship between industry, academia, and government plays a crucial role in this journey."

The Technovate Summit 2023 marked a crucial step in catalyzing technological innovation in India, especially within the MSME sector, and set the stage for collaborative efforts to shape the nation's future in a rapidly evolving technological landscape. The sessions during the Summit were titled ‘Empowering Next Generations: Cost Effective Innovation Solutions’; ‘Fireside Chat on Enabling Future-ready Human Capital of India’; ‘The Indian Innovative Advantage’; and ‘The Breakthrough Blueprint: The Way Forward.’