While we are happy that our economy is in an ascending phase and our GDP has been growing at as high as 9 per cent per annum, it is evident that the economic growth is not fully reflected in the quality of life of a large number of people, particularly in rural areas and even in urban areas. Hence, we have evolved what is called a National Prosperity Index (NPI), which is a summation of (a) annual growth rate of GDP; (b) improvement in quality of life of the people, particularly those living below the poverty line; and (c) the adoption of a value system derived from our civilizational heritage in every walk of life which is unique to India. That is NPI=a+b+c.

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My suggestion is the necessity of a national policy to provide grid independent solar panel houses to these dwellings which can be extended to other 140 million houses gradually. Also the street lights can be provided on community based solar panels in villages, towns and cities. This will bring to India a vibrant solar panel industry right from innovative development, efficiency enhancement, production, distribution, marketing and maintenance of trouble free solar energy system as a business. This integrated business solution will bring down the cost of solar power generation and also distribution loss. The action of creating solar paneled houses and street lights will release nearly 50,000 to 60,000 MW of power for use by various sectors of the economy propelling national growth. It will also be useful for providing low cost electricity to other developing nations in the world.

The culture of excellence is driven by innovation and creativity. A nation’s economic development is powered by competitiveness. Competitiveness is powered by knowledge. Knowledge is powered by technology. Technology is powered by innovation. Technology and innovation are powered by resource investment. Innovation opens up new vistas of knowledge and new dimensions to our imagination to make everyday life more meaningful and richer in depth and content. Innovation is born out of creativity.

My government has taken a special initiative for Africa, pledging $ 200 million in the form of credit line as part of the New Partnership for African Development (NEPAD) Scheme. My government has also announced a second scheme TEAM-9 initiative with a certain number of African countries with an outlay of $ 500 million. These initiatives aim at the long-term economic development of certain African countries.

Removing red tapism and favoritism in higher education and research administration and management is of utmost importance. We need to empower universities, both government funded and private, to promote research and enable them to improve research infrastructure.

The knowledge society has two very important components driven by societal transformation and wealth generation. The societal transformation is with respect to education, healthcare, agriculture and governance. These will lead to employment generation, high productivity and rural prosperity.