There is enough evidence on the ground to indicate that the innovation eco-system has vastly improved in the country. India is ready for a renaissance in innovation
A couple of weeks ago, some of us got into an interesting conversation with Howard Gardner, who was on a visit to India to deliver a series of lectures. He is widely regarded as one of the most influential psychologists in the world today. Author of 25 books that have been translated into 28 languages and best known for his theory of multiple intelligences, in 1995, he mounted a study that lasted until 2006 and involved 1,000 American journalists and geneticists. The question he was seeking to answer was an intriguing one. Why are journalists an unhappy lot while geneticists a happy bunch?
Last year, M.K. Bhan, a senior bureaucrat in the department of bio-technology, was able to attract 300 researchers back to India. All put together, over the last three to four years, he’s managed to attract 800 people back to various Indian institutions.
But that isn’t to say business has played its role to the hilt. Until now, very few Indian companies, other than those in pharmaceuticals and automotive, have focussed on research-based innovation. “We are not focussing enough on this as India Inc. We are happy with the CAD/CAM work at $9 an hour, compared to $30 that people have to pay elsewhere in the world,” says Pawan Goenka of M&M.
(This story appears in the 02 March, 2012 issue of Forbes India. To visit our Archives, click here.)