We must promote tech-based innovation, says Vice-President

Inaugurating the Centre of Excellence for Manufacturing of National Initiative for Developing and Harnessing Innovations at Vel Tech University here, he said, "For us in India, this is the time to seize the opportunity and promote the culture of innovation and technology-based entrepreneurship."

"We have to stay ahead of the curve if we have to play a meaningful and important role in the 4th industrial revolution," he added.

Stating that unlike many other countries, India was placed in an position of advantage, Naidu said India has a tremendous demographic dividend that was waiting to be realised.

"In an ageing world, India has one of the youngest populations," he said, and pointed out that by 2020, the median age in India would be just 28, compared to 37 in China and the US, 45 in Western Europe

and 49 in Japan.

"With about 65 per cent of the population below the age of 35 years, we need to convert this huge human capital into a force multiplier for the Indian economy by technologically empowering the youth," he said.

Naidu said entrepreneurship helps the economy of a country to grow and create jobs.