HCL co-founder Ajai Chowdhry recently delivered a lecture at the Raman Research Institute (RRI) on the occasion of the 137th birth anniversary of C.V. Raman, the institute’s founder. During the lecture, Chowdhry emphasized that India is currently stuck in a middle-income trap and needs to transition from a service-based economy to a product-based economy to move forward. He noted that 60% of India’s GDP comes from services, whereas 90% of China’s GDP is generated from products and commodities.
Chowdhry, who is also the chairman of the mission governing board of the National Quantum Mission of India, highlighted the importance of Research, Development, and Innovation (RDI) in driving this transition. He welcomed the government’s recent announcement of the RDI fund, which aims to encourage private investment in research. Chowdhry believes that this fund will motivate the private sector to think differently and invest in R&D, which has been a challenge in the past.
The HCL co-founder stressed that in today’s unipolar world, where every country is focused on its own interests, it is essential for India to develop its own products and technologies. He cited examples of India’s ability to innovate and produce its own products during challenging times, such as the COVID-19 lockdown and Operation Sindoor. Chowdhry emphasized that India needs to recognize that it is already in a challenging situation and must take action to become self-sufficient.
Chowdhry’s lecture emphasized the need for India to shift its focus from services to products and to invest in R&D to drive innovation and growth. He believes that by doing so, India can break out of the middle-income trap and achieve greater economic success. The lecture was a call to action, urging India to take control of its own destiny and develop its own products and technologies to thrive in a rapidly changing world. By doing so, India can reduce its dependence on external help and become a more self-sufficient and prosperous nation.