New Delhi, Sep 22 (PTI) Knowledge, innovation and sustainability are going to be the key words for the industry in the coming years and companies which will invest in research will become leaders, a top government official said on Thursday.

Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Anurag Jain said industry is going to be driven by knowledge, innovation and sustainability in the coming 25 years.

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"Only that particular company will become leader which invests in research, and innovation," he said at a function here.

Talking about challenges for the industry in the coming years, Jain said the western world is going to move to another kind of non-tariff barriers.

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People used to talk about labour laws, child labour and sustainability, but "now people are already talking about human rights and they are going to link it to the business. So we also have to be ready to keep an eye on that," he added.

The secretary further said a group is working on 'Vision 2047'. There are different groups of secretaries which are working on different areas on the vision.

Prime Minister Narendra Modi has set an ambitious target of making India a developed nation by 2047.

"So what our finance ministry and the economists of the country have come out with...They have created three scenarios of India's growth in these 25 years. The most pessimistic, most optimistic and the most realistic...

"The most realistic scenario says that today we are USD 3.2 trillion economy, (by) 2047 we will be USD 32.8 trillion economy, 10 times in these 25 years," he said.

Jain said now it is upto the government, industry and the citizens of the country to work together to ensure that this scenario actually unfolds.

"It will happen if we continue to get our act right...that is most important," he said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)