Ladies and Gentlemen,

I am pleased to inaugurate the 12th World Innovation Summit and Expo comprising POWER India and CONSTRU India organized by India-Tech Foundation - an apex industry association promoting technology upgradation in power, housing and infrastructure construction sectors. I also congratulate the Foundation for organizing the Summit and I congratulate the States who have won the Tech - India Excellence Awards. It is essential that every sector of the economy as well as every State and Union Territory of the country continues to strive for bettering their performance for the overall growth of the country.

India is the 4th largest economy in the world on the basis of purchasing power parity and one of the fastest growing. That we were able to cope well during the global financial crises speaks of the underlying strength of our economy. We are confident that we will be able to maintain a robust growth rate in the coming years and that this will contribute to the welfare of all. To achieve this objective, we are conscious of the need to address the shortcomings, which constrain growth and also remove impediments to the timely and effective implementation of our social welfare programmes and infrastructure projects. This Conference is focused on Power and Energy, Telcom and IT, and infrastructure construction and hence, I will focus on these sectors.

As India accelerated its growth momentum, there has been a corresponding increase in our energy requirements. With over a billion people, India supports 17 percent of the global population, and therefore, needs to be assured of the availability of energy to sustain its growth to meet the aspirations of the people. The country expects that its power sector will provide uninterrupted and quality power supply for all sectors of its economy and will make available the basic service of electricity to all its citizens.

While there has been improvement in the power sector, the growth in demand for electricity has overtaken generation capacity and shortage of power continues to exist. The capacity addition requires augmentation of manufacturing capacity of power equipment, skilled manpower and adoption of modern project management practices. Performance of existing units should be improved as this is relatively less time consuming than setting up a new unit. We also need to improve the national power grid linkages to optimally utilise generation resources of the country. I would advise all project developers to take all possible steps for timely execution of the projects so as to meet our objective of 'Power to All' by the year 2012. In this context, I would like to highlight that coverage of all villages with electricity will constitute a significant achievement in our march towards the overarching goal of inclusive growth.

Post-independence, when faced with food shortages we, via the Green Revolution route, attained self sufficiency in food grains, though there is need for a Second Green Revolution, as we seek food security for all. It is time now for an Energy Revolution that will ensure our energy security. We should pursue all available fuel options and forms of energy, whether conventional, non-conventional, new or emerging. Every effort should be made to reduce the cost of production and distribution of various sources of energy. Special emphasis and attention should be given to research and innovation in this area. A multi-pronged strategy can better provide for stable energy situations that are also environmentally sustainable.

On the ICT front, in India there has been a communication revolution. There are over 635 million mobiles in the country and their number is increasing every month. These have linked people at the grassroots level to the outside world, making a remarkable difference to the economy of the country. There are instances when farmers in remote areas of the country have been able to link up with information systems to get information about the weather, market conditions and factors impacting agricultural production. Such examples are important indicators of the potential of technology to help people to take informed decisions and empower them. ICT is also being used as a tool for improved governance and rendering public services in more convenient, friendly and transparent manner.

India has stepped into the knowledge society and is one of its leaders. In the new age, a nation's ability to use existing knowledge, create new knowledge and use its knowledge capital will determine its ranking in the emerging global order. We need innovation more than before. Science and Technology, has and will continue to play a decisive role in ushering change. The observance of the next decade as the 'Decade of Innovation' in India is a recognition of this reality. Qualified and talented individuals of our nation have to find innovative solutions to our myriad challenges, keeping in mind our specific conditions. I would urge that as much effort be placed on high end research, as on the development of appropriate technologies for application at the ground level to help solve problems of everyday life.

Accelerated development of high quality physical infrastructure is essential to sustain economic growth. The country suffers from an infrastructure deficit, but we are focused on improving and augmenting our infrastructure, and are moving forward. Infrastructure in India is increasingly being viewed as a potential sector of growth and investment. Investors are looking towards becoming a part of the India's growth story. As we are looking at the 12th Five-Year Plan from 2012 to 2017, we expect that investment in infrastructure is likely to double to US$ 1 trillion as against the target of US$ 439.46 billion in the 11th Plan. We are working towards accelerating the road building programme in all parts of our country. The dedicated rail freight corridors are a transformative initiative. Metro rail projects are being increasingly pursued in many cities. Airports are undergoing a transformation and there are plans for expansion of the ports. Rural and urban infrastructure will be much improved. Building activity in the country will increase to meet the needs of residential accommodation, commercial and industrial activity and expanding infrastructure to meet the requirements of our growing population. These should be constructed to adhere to the criteria of high energy efficiency and to be Green Buildings. Even though, the initial investment is somewhat higher than for a conventional building, overall, it would be highly economical because recurring energy costs and the cost of other inputs like water would be substantially lower.

Many infrastructure projects - new roads, highways and airports have come up through this route of Public Private Partnerships - PPPs. The viability of PPPs and their potential can be explored further in the development of the physical and social infrastructure, that India needs today. The public and the private sectors should put their expertise and resources towards a joint agenda for the nation's future growth. Inclusive growth demands significant contribution from the private sector.

With these words, I once again wish the 12th World Innovation Summit great success. Since there is broad participation from the Government and private sector companies, it will be a useful platform for exchange of views between them. At the Expo, the products, services and technologies on display, would acquaint visitors, particularly from overseas, about India's capacity and requirements. I look forward to the conclusion of some tie-ups, joint ventures and co-operative projects during the Expo.

Thank You. 
Jai Hind!