'Innovation' in Indian IT-ITES sector worth $50 Bn
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'Innovation' in Indian IT-ITES sector worth $50 Bn

By SiliconIndia   |   Wednesday, 25 July 2007, 07:00 Hrs
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Delhi: NASSCOM and The Boston Consulting Group (BCG) today released 'Innovation Report 2007' which consists of findings for unleashing the innovative power of the Indian IT-ITES industry.

Sharing findings of the report, Kiran Karnik, President, NASSCOM, said, "India has established itself as a distinguished leader on the world stage in the IT-ITES arena. However, the industry is now entering a phase where Indian firms needs to recognize and act on the importance of 'Innovation' for maintaining their competitive edge and fuelling further growth to challenge global players."

He added, "Focusing on innovation besides differentiating Indian IT-ITES industry will also allow it to tap additional revenue streams worth $50 billion by 2012."

The report addresses three aspects of the innovation agenda - the factors that form a powerful imperative for innovation; the approach for firms to spur innovation; and specific recommendations to expand the innovation ecosystem in India.

"Innovation is the top priority for global corporations today - for growth, differentiation and leadership. If the Indian IT industry can further enhance its ability to service this top priority of global corporations, the market opportunity is inestimable," said Lakshmi Narayanan, Chairman, NASSCOM.

The report benchmarks the Indian innovation ecosystem with leading innovation ecosystems around the world, and outlines recommendations for developing India's innovation ecosystem for the country to realize this multi-billion dollar opportunity.

James Abraham, Partner and Director, BCG commented, "Support from ecosystem is very important in making innovation at firm and country level successful. Relative to several international examples, Indian ecosystem is weak and requires significant bolstering."

The study identifies specific initiatives, which need to be undertaken by different stakeholders and also outlines several challenges faced by the Indian innovation ecosystem.

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