Indian economy needs to generate 115 million non - farm jobs over the next decade to employ its workforce, President Pranab Mukherjee has said.
"Encouraging and promoting self - employment as a career option for young people will be of paramount importance, " the President said at the Festival of Innovations being held at Rashtrapati Bhavan, on Saturday, a statement said on Sunday.
The President also said many of the advanced nations have capitalised on their educational network to assume leadership positions in the area of innovation, start - ups and research.
"India, with an educational network of over 700 universities and 35, 000 colleges, is optimally placed to capitalise on its intellectual seed capital, " he said.
Highlighting the issue of low levels of investment by Indian firms and businesses in research and Development (R&D), the President said our current investment levels in R&D are a fraction of what world class companies spend.
"The major contributor of R&D expenditure is the government. Without a substantive stepping up of these expenditures, we cannot expect to be at the higher end of the value chain, " he said, calling upon the private sector and institutes of higher learning to devote a larger part of their resources for R&D to enable innovation and job creation across the economy.
This is the second edition of the week - long "Festival of Innovation" at Rashtrapati Bhavan.
The festival, from March 12 - 19, is being organised by the President's Office in collaboration with the National Innovation Foundation (NIF).
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