Technology advancements will have a significant positive impact on the national economy, according to Union Education Minister Dharmendra Pradhan. The major R&D Fair, IInvenTiv-2024, held at IIT-Hyderabad in Kandi, Telangana, was officially opened by him. It is the second edition. According to the minister, the nation has become a prominent participant in international innovation landscape. The minister mentioned the recent resolution passed by the US Congress that recognized the significance and strength of IITians’ brand and the contribution they had made to the US’s development. The Minister went on to state that innovations account for 25% of GDP and that digital payments now account for 25% of all transactions. The Athma Nirbhar Bharat and Made in India initiatives, he added, had given innovations a much-needed boost.
An annual event called IInvenTiv-2024 is held to showcase the technological advancements and research conducted by Indian higher education institutions. Participating in the event are 50 highly regarded engineering and higher education institutions as well as 23 IITs, NITs, IISERs, and IISc Bengaluru. On this occasion, almost 120 innovations are on show.