"The power of knowledge has acquired new significance. India as a knowledge hub with a large number of English speaking technical graduates passing out is ready to meet the challenges," Verma told students at the fifth convocation of the Biju Patnaik University of Technology (BPUT) here.
Highlighting the importance of technology, Verma said research and development provides a country the advantage to build its future. "We are living in an era of R & D and continuous innovation and that is where we need to make our presence felt," he said.
"Despite the global slowdown, we need to appreciate that we are living in very exciting times. The world has shrunk as never before," he said.
On industrial units in the public sector, he said PSUs played a prominent role in industrialisation and economic development of the country with strategic and commanding role in nation building.
Stating that India was the second fastest growing economy amongst BRIC nations after China, he said many doors remain opened for technical graduates to excel. "You are entering into an environment which though challenging is at the same time full of opportunities," he told the students.