Need to build an innovation-driven economy, says Anil Bhalerao

Chhatrapati Sambhajinagar

Stressing the urgent need for an innovation-led growth model, former Garware Polyester director Anil Bhalerao called for strengthening India’s research and patent ecosystem at the 9th Foundation Day of the Marathwada accelerator for growth and incubation council (Magic). The event was held at chamber of Marathwada industries and agriculture (CMIA) Bajaj Bhavan recently.

Addressing entrepreneurs, industry leaders and academic representatives, Bhalerao said innovation and patents contribute nearly 30–35 per cent to the US GDP, while India’s share remains around 2 per cent. “Bridging this gap demands a focused, innovation-driven economy,” he said, urging participants to work with agility, embrace technology, and learn through experience. He also underlined the importance of reducing the country’s trade deficit through indigenous solutions. The programme was attended by deputy director Pradip Durge Deogiri government ITI, president Utsav Machhar CMIA, and honorary secretary Mihir Soundalgekar CMIA. Durge noted that of the 80 projects presented by ITI students at the ‘Deepex’ exhibition, 15 were shortlisted, with 5–6 receiving active support from MAGIC for product development. MAGIC director Ritesh Mishra presented the organisation’s journey, while CEO Makarand Kulkarni spoke on the theme ‘From Dreamers to Entrepreneurs’ and unveiled new initiatives, including a revamped website and the ‘Magic Samvaad’ app to connect mentors and startups. Eight entrepreneurs were awarded certificates on completing training, and four partner institutions were felicitated. A startup product exhibition was also held, drawing significant interest from attendees.