Page 12 - CII ARTHA

ARTHA

A concerted effort, championed in collaboration by
Supporting MSMEs to Absorb government, industry including startups, and science
New Technologies
philanthropy is the critical next step. By strategically investing
in its intellectual capital, India can unlock the virtuous cycle of
Micro, Small and Medium Enterprises (MSMEs) contribute to innovation and build a prosperous, self-reliant nation. This is
about 30.0 per cent of India's GDP. They are also a large
employer. MSMEs must be brought into the ambit of the integral to our Viksit Bharat goal.
innovation ecosystem. Special focus should be on how
MSMEs can familiarize themselves with and access the latest
emerging technologies and translational R&D. MSMEs may
require mentoring to absorb new technologies. Industry
organizations like CII have played a foundational role in
enhancing the competitiveness of Indian MSMEs by offering
interventions to enhance the productivity levels of MSMEs in
different industry sectors through adoption of latest
technologies and transfer of best practices.

Government Becoming an
Anchor Customer for Translational R&D

The Indian government can significantly catalyse research and
development by strategically acting as an anchor customer for
products from translational R&D driven deep-tech startups and
MSMEs, and R&D driven products from Indian companies. By
committing to procure innovative, locally developed R&D driven
technologies the government provides industry, startups and
MSMEs with a crucial first revenue stream and invaluable
market validation. This initial purchase de-risks the venture for
private investors, making it easier for the startups to secure
further funding. The revenue generated from government
contracts can be reinvested into further R&D, creating a
virtuous cycle of improvement and innovation. This policy
sends a powerful signal to the entire ecosystem that there is a
viable domestic market for deep-tech R&D driven products,
thereby encouraging more scientists and entrepreneurs to
translate cutting-edge research into tangible solutions for
India's challenges.

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