Background: The transition from a resource-based economy to an innovative way of development requires active cooperation of public and private to modernize our economy. Through an effective decentralization process, the private sector can not only share the financial inputs but also harness their expertise and efficiencies to initiate adequate market supply and demand linkages and enhance technological capabilities by introducing new and improved processes to these centers. On the other side, handholding of innovative ventures by public entities can help give a competitive advantage by looking into quality concerns and providing initial buy-back support. Utilizing PPPs as a way of developing local private sector capabilities through joint ventures as well as creating subcontracting opportunities for local firms can eventually lead to encouraging ownership and a willingness to act, leading to more successful entrepreneurial ventures and economies of scale.
As a part of the outreach efforts for ACIC, CSR Heads from over 20 Maharatna, Navratna and selected state PSUs attended a CSR Round Table in NITI Aayog on 18th September 2019 to discuss the involvement of Public Sector Enterprises in building the innovation ecosystem of the country. Multiple initiatives undertaken by AIM were discussed and a plan on possibilities of collaboration with the PSUs was formulated.
Here are the key discussions points from the meeting: