'Knowledge-driven economy significant to propel development'

Bhubaneswar: A knowledge-driven economy is important for overall development of the country, Dr Rajgopal Chidambaram, Principal Scientific Advisor to Union Government and Chairman, Scientific Advisory Committee to the Union Cabinet, said here today.

"To attain overall development, knowledge has become a key factor today," Chidambaram said delivering a lecture on the 'Role of Industry in a Knowledge Economy' during 18th National Technology Day celebration at Navaratna PSU NALCO.

Strongly advocating a knowledge-driven economy to ensure development, he said, "Development without security is vulnerable and security without development is meaningless."

"The path to a knowledge-driven economy is paved by new advanced technology," Chidambaram said.

For this, he stressed that there should be a "thermodynamic equilibrium" between the "industry system and academic system".

Lauding Nalco's performance and contribution, he described the aluminium major as the pride of India.

In his presidential address, NALCO's CMD Tapan Kumar Chand focused on knowledge and technology as cutting edge of a business organisation in contemporary competitive climate, a company release said.

In his address, N R Mohanty, Director (Project and Technical), emphasised on the need to make the right technology choices to ensure synergy between research and product development and need for augmenting R&D, it added.