HYDERABAD: Niti Aayog CEO Amitabh Kant on Tuesday urged the industry stakeholders to identify four or five ‘moonshots’ while assuring that the government will go ‘all out’ to create the right ecosystem for these sectors in terms of incentivising and providing quality infrastructure so that it takes the country to the next level.
In technology terms, ‘moonshot’ is an ambitious, groundbreaking project undertaken without expectation of near-term profitability.While taking part in the “CEO Conclave: Pursuit of Innovation — From Pharmacy of the World to Global Life Sciences Innovation Hub” panel at BioAsia 2021, Kant said: “Rather than spreading our resources too thin, let us identify four or five moonshots which the country is ambitious about and aim for it. In those five moonshots whatever it takes for India, on behalf of the government, (we will do whatever) to create the right ecosystem — in terms of incentivising pharma or med tech companies, in terms of ensuring that there is government support of funds and quality and infrastructure.”
During the discussion, attended by IT & Industries Minister KT Rama Rao and Biocon Executive Chairperson Kiran Mazumdar Shaw, Kant was told that the industry was facing problems in terms of regulatory practices and lack of incentivisation. Rama Rao said that India does not have enough intellectual property rights. “We do not have a great deal of success in discovering our own molecules. Policies encouraging entrepreneurs in this area needs to be in place,” he said.
He also told Kant that the policy of tax reduction for R&D development has been reduced from 200 to 100 per cent and that worked counterproductive to the idea of Atmanirbhar Bharat. Microsoft CEO Satya Nadella hoped that in the coming days there will be a set of global rules for data safety and privacy that will bind various bodies to comply and help in introducing safe innovations. Speaking to KT Rama Rao in a fireside chat on the topic ‘Healthcare to Hit Refresh’, he said: “As technology becomes pervasive in our lives and our economy, we need to take responsibility and ensure that we build for privacy, security, AI ethics and internet safety.”