The Smart Techie was renamed Siliconindia India Edition starting Feb 2012 to continue the nearly two decade track record of excellence of our US edition.
November - 2007 - issue > In Focus
India becoming top global innovator
si Team
The report ‘Unleashing India’s Innovation’ reveals that about two percent of Indians who live abroad collectively earn almost two thirds of India’s GDP. It emphasizes how creating and commercializing ‘new to the world knowledge’ as well as diffusing and absorbing existing knowledge capital can help India sustain its faster growth rate.
“The world has acknowledged India’s R&D potential and more than 300 multinational corporations have set up R&D and technical centers in India,” said Isabel Guerrero, World Bank Country Director for India.
Innovation in India must be thought of as improving business practices across the entire economy. While India is emerging as a top global innovator in sectors such as biotechnology and information technology, only a meager three percent of the Indian workforce is in the modern private sector, while roughly 90 percent remains in the informal sector.
“The disparities in productivity levels across firms within the manufacturing sector is wider in India than in China, Mexico, the Russian Federation, and the Republic of Korea,” said Mark Dutz, World Bank senior economist and editor of the report. “The output of the economy could increase five-fold if all enterprises could achieve national best practices based on knowledge already in use in India,” he added.
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