India cannot afford to ignore the big picture when it comes to innovation’s role in R&D.
The Research and Development (R&D) ecosystem in India presents untapped and perhaps underutilised opportunity for corporations across the world. Consequently, several mnCs are shifting their R&D bases to India— not merely on account of the cost benefit but also due to the intellectual and technical capabilities available. These R&D centres either develop products to serve the local market or help the parent company deliver innovative solutions to markets across the world.
Market Size
According to an India Brand Equity Foundation (IBEF) report, India-based R&D globalisation and R&D services markets reached $20 bn overall in 2015, up by 9.9% over 2014. The R&D services market stood at $7.76 bn and the R&D globalisation market (captives) stood at $12.25 bn. Together, the R&D markets are set to almost double by 2020, to $38 bn.
The report indicates that India accounts for 40% ($12.3 bn) of the total $31 bn of globalised engineering R&D in 2015. according to the study, India-based R&D services companies, which account for almost 22% of the global addressed market, grew much faster at 12.67%. India’s engineering research and development (ER&D) services market is expected to reach $15-17 bn by 2020, and north america continues to be the largest market by contributing 55% of revenues.
Innovation culture in India
Innovation is widely recognised as a central driver of economic growth and development. Post-independence, the focus of policymakers has been towards the development of science. The decision to set up and nurture public sector undertakings, and then gravitate towards a scientific policy aimed at the acquisition, dissemination, and discovery of scientific knowledge, worked well for the nation. The strategy adopted was cultivation of science and scientific research with a suboptimal focus on technology development.
Bu hikaye Indian Management dergisinin September 2016 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Indian Management dergisinin September 2016 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Trust is a must
Trust a belief in the abilities, integrity, values, and character of any organisation is one of the most important management principles.
Listen To Your Customers
A good customer experience management strategy will not just help retain existing customers but also attract new ones.
The hand that feeds
Providing free meals to employees is an effective way to increase engagement and boost productivity.
Survival secrets
Thrive at the workplace with these simple adaptations.
Plan backwards
Pioneer in the venture capital and private equity fields and co-founder of four transformational private equity firms, Bryan C Cressey opines that we have been taught backwards in many important ways, people can work an entire career without seeing these roadblocks to their achievements, and if you recognise and bust these five myths, you will become far more successful.
For a sweet deal
Negotiation is a discovery process for both sides; better interactions will lead all parties to what they want.
Humanise. Optimise. Digitise
Engaging employees in critical to the survival of an organisation, since the future of business is (still) people.
Beyond the call of duty
A servant leadership model can serve the purpose best when dealing with a distributed workforce.
Workplace courage
Leaders need to build courage in order to enhance their self-reliance and contribution to the team.
Focused on reality
Are you a sales manager or a true sales leader? The difference, David Mattson, CEO, Sandler® and author, Scaling Sales Success: 16 Key Principles For Sales Leaders, maintains, comes down to whether you can see beyond five classic myths that we often tell ourselves about selling.
