Innovation Makes India A Better Place To Live In: Study

By SiliconIndia   |   Thursday, 31 July 2014, 13:17 Hrs   |    1 Comments
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BANGALORE: With India stumbling over newsof growth and development, a recent GE report highlighted the innovations of India. According to the report on Livemint, a majority of Indian Executives believe that India is the best place to live because of its innovation and steady progress towards it.

Indian executives, the report said, have recognized the need to encourage creative behavior and disruptive processes

in business to innovate successfully, with 81 percent agreeing that innovation need to be low-cost and serve a specific market need-.

As said necessity is the mother of all inventions, and is truly defined in low-cost products being made up in India. Jaipur foot, Aravind Eye Hospital, Nano Car and Godrej’s ChotuKool are some of the products that suits the pocket of price-sensitive Indian market. India has become a trendy market, as educated individuals are trying to invent products or create ways to figure out the answers to some of the common problems persistent in India.

India caters to the needs via innovations, and are specifically designed or mentored to serve its purpose to the fullest. In other words it can be called as “Value for money”, but also “value for many” as said by R.A. Mashelkar, currently chairperson of India’s National Innovation Foundation in the Livemint report.

India is full of talented individuals with innovative ideas, but it is very difficult for them to connect to the concerned authorities to draw the required funding and exposure. With globalization, there are various foreign investors interested in the Indian low-cost innovations and are keen to help materialize it.

With many possibilities of innovation being available in the Indian market with gradual effect, companies are not keen on taking risks over their core business functions; and are seen avoiding processes that may hinder the overall growth of the company.

“Companies are increasingly eager to work together on research, development, and production; in fact, 77 percent report the risks associated with collaboration are worth taking.

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