Addressing the second DR Gadgil memorial lecture on "brick and click economy -prospects and issues," organised by the Maharashtra Economic Development Council (MEDC), Dr Mashelkar said that India should create a "hassle-free dotcom," instill the right value systems and attitudes and its people take pride in being Indians.

Dr Mashelkar said that the emergence of knowledge as a dominating factor has created some distortions and it has led to the emergence of a major debate on the old versus the new economy. He warned that the enthusiasm for the click economy should not get us away from the realities on the brick and mortar economy.

"The brick and click can and more importantly need to co-exist. India has major assets in the form of its rich bio-diversity and the knowledge revolution can radically transform these traditional, even household, industries through innovation," Dr Mashelkar said.

Dr Mashelkar added in the rapidly changing world, knowledge is being controlled through means like no access, limited access and controlled access. He mentioned that the information revolution has introduced a new speed and velocity as markets are getting globalised and customer preferences are fast changing. MEDC president Sharad Kulkarni said that the council has been playing a crucial role of an investment facilitator and a development catalyst for the state of Maharashtra.