Invest In India

India has been ranked the sixth most “innovative” country in the world in multinational conglomerate GE’s Annual Global Innovation Barometer, driven by financial support from public authorities and long-term support from investors.

The report, based on a survey of 2,800 senior business executives in 22 countries, including 200 respondents in India, identifies the top enablers for innovation in the country as talent (‘creative’ talent and people with technical expertise), financial support from public authorities and long-term support from investors.

When asked to identify the three countries they consider “innovation champions”, 65 per cent of the global respondents identified the US, followed by Germany (48 per cent), Japan (45 per cent), China (38 per cent), Korea (13 per cent) and India (12 per cent).

“Creating conditions for meaningful innovation requires the right blend of internal and external factors that can readily be adapted to meet individual market and customer needs,” GE Senior VP and Chief Marketing Officer Beth Comstock said.

Only 12 per cent of the global respondents identified India as one of the top three innovation champions, compared to 23 per cent of Indian respondents.

The report indicates a ‘balanced’ perception of the environment for innovation in the country, with respondents more satisfied with private investment and government support for innovation.

However, intellectual property protection and research and development partnerships with academic universities were cited as the key challenges to creating an innovation-friendly environment in the country.

In terms of sectors, energy, followed by healthcare, telecommunication and FMCG, were the areas with the most innovation-driven growth potential, according to the survey.

Source – Agencies