KOCHI: For India to develop fast, the country needs to modernise each and every segment of its economy, said BJP MP and economist Subramanian Swamy here on Wednesday. "The Indian economy needs innovation, and we should adopt new ideas," Swamy said during a talk on 'Innovation and Economic Growth' at SCMS Cochin School of Business in Kalamassery. While countries like the United States and China focused on inventing new technologies and products, India lagged far behind. The young generation should focus only on innovations, he said.
"If we channel our new ideas in the manufacturing sector into research and development (R&D), it's only a matter of time that India stands shoulder to shoulder with the leading economies of the world. India needs to develop basic infrastructure which will lift the lives of millions of ordinary Indians, helping them to live a normal life," Swamy said.