Speaking at the 71st Foundation Day celebration of the Council for Scientific and Industrial Research (CSIR), Reddy said: "The real value in a knowledge economy could only be derived from invention and innovation."
"We thus need to invent and innovate more and more and also engage all the stakeholders in doing so," he said.
Reddy said the role of "responsible innovation" should be understood in our country in "letter and spirit" and it requires building up of an ecosystem of researchers, entrepreneurs and enabling institutions.
Calling for developing technologies for common people, he said: "We should not forget that India still lives in villages. People at the base of economic pyramid need our help to enhance their income and remove drudgery."
"We need to develop more and more enabling technologies, innovative products and services for people at the base of the economic pyramid," he said.
The minister gave away awards to scientists under various categories.
--IANS (Posted on 26-09-2013)