New Delhi: In a bid to ward off the emergence of possible friction between India and US over rise of Indian innovation, Ficci and the Los Angeles-based Pacific Council on International Policy have joined hands in establishing a Task Force of business leaders on both sides on “Shaping global innovation economy: enhancing cooperation in India-US relations”.
The Task Force, drawn from various high technology sectors, will look at issues that will shape the global innovation economy and identify areas of cooperation between India and US.
Scope of the Task Force
*Address likely sources of concern between US and India as India turns into a competitor with US on leading edge of global innovation economy not only in ICT but also in healthcare and other sectors.
* Explore opportunities for mutual collaboration in innovation between the two countries.
* Draw up proposals for Government policy and private sector action in both countries and design them to maximize economic opportunities.
It is critical to both countries, and to the world economy that the rise of Indian innovation in no way ends up creating friction with US that characterized the rise of Japanese manufacturing in the 1970s and 1980s, and Chinese manufacturing in the past decade.
* India is a promising inventor of technology and not just a manufacturer of products invented in America.
* Linkages between India and US West Coast are already very strong in IT with Indian-Americans playing a pivotal role in promoting economic cooperation and mutual understanding between the two cultures.
* Once production of innovation moves from US to India (fueled by ongoing investments by financial firms as well as US-based ICT leaders), financial and commercial tensions between the two countries are expected to come up. This could strain public diplomacy and value creation functions of the Indian diaspora.
Task Force to address following issues
* Examine Indian and US innovation trajectories over the next decade in each sub-sector.
* Outline best ideas for coordinated government policy and private-sector action in both countries for maximizing joint innovation opportunities and mitigating likely tensions.
* Help both countries in their technology development process and alleviate adverse impact on employment and wages.
* Facilitate trade and investment in each specific sector.
The Joint Task Force meeting has been scheduled for 10-11 September and will have Kapil Sibal, Minister of Science & Technology and Earth Sciences, Montek Singh Ahluwalia, Deputy Chairman, Planning Commission, Habil Khorakiwala, Co-Chair of the Task Force & President, FICCI, Richard Celeste, Co Chair and former US Ambassador to India; M K Bhan, Secretary, Department of Biotechnology, Dr Geoff, President, Pacific Council on International Policy and Amit Mitra, Secretary General, FICCI.
Business leaders from both sides will address Policy and Political Aspects in US-Indian Innovation Economy Trade & Investments; Information and Communication Technology Sector; Bio, Life Sciences & Nano Technology Sector; ; Energy and Environmental Technology Sector; Creative Industry, Services and Design Vertical; and Aero - Space Technology Sector.