With the business environment in India changing at ten times the speed at which it was changing five years ago and far ahead of other developing and developed economies of the world, India Inc is increasingly becoming assigning strategic priority to innovation.
According to a recently released India Innovation Survey conducted by Confederation of Indian Industry (CII) along with Boston Consulting Group (BCG), for 91% of the Senior Executives responding to the survey, innovation is amongst the top 3 strategic priorities. What is notable is the fact, that the BCG Global Survey, 2006 found only 71% of the companies' globally assigned innovation such a high strategic priority.
Innovation in India Inc today is as big as the quality movement of the 1980s and 1990s. Just like CII took a lead in building a Quality Movement in India, CII is relentlessly working towards building a culture of innovation in India.
"With this objective we established the Mission for Innovation in Manufacturing. And, just as in the case of quality, where India has 15 Deming Awarded and 111 TPM Awarded companies standing tall amongst the global manufacturing leaders, we will have a growing tally of Indian innovators standing tall in the global scenario", said Dr. Surinder Kapur, Chairman, CII Mission for Innovation in Manufacturing.
The India Innovation Survey, undertaken by CII and BCG, is the first of its kind in the Indian manufacturing industry based on the BCG Global Survey. In order to assess where Indian companies are placed vis-a-vis the global companies, the results of the India survey have been compared to those of the BCG Global Survey.