Technology would determine domestic industry's ability to beat competition: Pranab Mukherjee

Stating that research and innovation efforts must aim at technology up-gradation to simplify production processes, improve quality and seek efficiency gains, President Pranab Mukherjee on Thursday said that technology would determine our domestic industry's ability to beat competition.

President Mukherjee, who presented the Managing India Awards, 2013 at a function here, said that to develop our manpower as partners of progress, all-round efforts are necessary.

He stated that greater number of technical institutes is required to be set up, and added that existing technical institutes that lag behind in quality must be up-graded.

President Mukherjee said that to mark India's growing stature, management principles should find application not only in business and industry, but also in other important processes such as social change and governance.

He said that how change is managed would determine our progress.

"This is a need that the Managing India Awards denote, and is also a reality epitomized by this year's award winners," he added

Stating that India needs visionary business leaders to manage India's transition to a knowledge economy, President Mukherjee said that we also require the Indian industry to act as a catalyst for deepening our growth process.

"Our industry should aim at inclusion of all as participants in economic development," he added.

President Mukherjee, who congratulated all the award winners for contributing to the country's progress, expressed the hope that they would ignite the minds of other managers and entrepreneurs to think big towards nation building.

He said that he had an unshakable faith in the bright future of the Indian economy.

"The winners of Managing India Awards exemplify this conviction," he said.