Raipur: India is witnessing a new revolution in research and innovation and is poised to power the next wave of global advancements, Lieutenant Governor of Jammu and Kashmir Manoj Sinha said on Sunday.
Speaking as the chief guest at the 16th convocation of the National Institute of Technology (NIT) Raipur held at Pt Deendayal Upadhyay Auditorium, Sinha said that despite global trade barriers, economic challenges, and conflicts, India continues to be the brightest spot in the world economy.
He highlighted that the country’s research and development (R&D) spending has more than doubled in the past decade—from ₹60,000 crore in 2010–11 to nearly ₹1.3 lakh crore annually. Under the leadership of Prime Minister Narendra Modi, schemes worth ₹1 lakh crore have been launched to promote research, development, and innovation, he said.
“In 2010–11, we spent ₹60,000 crore on R&D. Today, that figure stands at around ₹1.3 lakh crore annually. This is more than double the growth,” Sinha said, urging the private sector to significantly boost its investment in research and development.
Sinha noted that the number of patents filed in India has risen sharply—from 24,326 in 2020–21 to 68,176 at present, reflecting India’s rapid rise as a global innovation hub.
He emphasized that Artificial Intelligence (AI) is transforming every sector and that AI professionals, innovators, and scientists will drive the world economy in the coming years.
India, he said, has now become the fourth-largest economy and hosts the third-largest startup ecosystem in the world, boasting 111 unicorns valued at nearly $350 billion.
“One out of every ten unicorns in the world is Indian,” he remarked.
Highlighting India’s demographic advantage, Sinha said 65% of the population is under 35, and the growing participation of young entrepreneurs is expanding the middle class, which now accounts for about 31% of the population.
He added that India is the largest supplier of skilled manpower globally, and by 2030, the country’s working-age population will exceed 1 billion, making up nearly 25% of the global workforce.
“You can gauge from this that by 2030, India’s working-age population will exceed one billion,” Sinha, himself a trained civil engineer, told the audience.
The Lieutenant Governor also pointed out that India leads the world in digital connectivity with 627 million internet users, nearly double the population of the United States, and is number one globally in digital payments, with 95% 5G coverage across the country.
“Many of the world’s largest companies are investing in India and plan to invest even more,” he added.
Despite international trade tensions and conflicts, Sinha said, India’s economy continues to grow at 7.8% and is on track to become a $5 trillion economy by 2027 and the world’s third-largest economy by 2030.
Looking ahead, he said that by 2047, when India achieves its vision of ‘Viksit Bharat’ (Developed India), today’s graduates will be at the peak of their professional journeys, leading India’s deep-tech and semiconductor industries, which are expected to become among the largest in the world.
“You are entering the professional world at a time when every sector is looking for new talent. With your skills, knowledge, and determination, you can contribute meaningfully to the journey of a developed India,” he told the students.
At the convocation, 1,382 students received their degrees, including 1,055 undergraduates, 278 postgraduates, and 49 PhD recipients.
Dr. G. Satheesh Reddy, former chairman of the Defence Research and Development Organisation (DRDO) and Scientific Adviser to the Ministry of Defence, attended the event as the special guest. Dr. Suresh Haware, Chairman of the Board of Governors, and Dr. N.V. Ramana Rao, Director of NIT Raipur, were also present.
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