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The Warsaw Voice » National Voice » December 21, 2011
India in Poland
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Innovative India
December 21, 2011   
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India has the potential to become one of the world’s greatest economic powers, boosted in particular by its capacity to innovate, experts say.

Research by top international institutions dealing with forecasting global economic growth shows that India, alongside China, will be the top innovation powerhouses over the next decade, outperforming the United States and Japan.

The World Economic Forum’s latest annual Global Competitiveness Report ranks India in 56th place among 142 economies, compared with 51st spot in 2010. Among the positive aspects of India’s economy, the report mentions the country’s huge internal market, one that is attractive to investors, in addition to a well-developed financial market, and business innovation.

The Indian economy fares even better in the 2011 Global IT Industry Competitiveness Index compiled by Business Software Alliance, where it was ranked 34th, moving up 10 notches from 2009. The report looked at factors including the overall business environment, information technology infrastructure, human capital, research and development, the legal environment of business, and state aid for the development of the IT industry in 66 countries. According to the report, further dynamic growth in India’s IT sector will depend on a secure digital economy, along with improvements in the legal environment and infrastructure.

The Indian economy won its highest ratings in the Global Manufacturing Competitiveness Index by the Deloitte company, based on a survey of more than 400 chief executive officers and senior manufacturing executives worldwide. In last year’s league table, India ranked second, just behind China. Deloitte highlights the availability of a rich talent pool of scientists, researchers, and engineers as well as the country’s large, well-educated English-speaking work force and democratic government, which make India an attractive destination for manufacturers. India’s other selling points include its huge resources of cheap labor, a young society, progress in the professionalization and organization of work, and a large number of research centers.

According to the report, “the importance of India to manufacturing executives around the world underscores two important points. First, strength in research and development—paired with engineering, software, and technology integration abilities—are viewed by global executives as a vital element of the talent-driven and innovative manufacturing enterprise of the 21st century. Second, manufacturing executives increasingly view India as a place where they can design, develop and manufacture innovative products for sale in local as well as in global markets. These factors explain, in part, India’s rise from a low-cost, ‘back office’ location to a country that is well-positioned to be an active participant in the entire value chain—as well as it now being viewed by many executives as an integral part of their global manufacturing enterprise and location strategy.”

The people of India are optimistic about the future of their country and its chances of achieving prosperity through innovation. Over half those polled believe that their country will be the most innovative country in the world by 2020.

Also important to Indian innovation is the local traditional concept of creativity—jugaad—based on improvisation, developing alternatives, and solving problems despite a lack of resources. It is believed that this principle drives the innovativeness of many Indian IT professionals, for example.

India’s economy has been growing rapidly since 1991, when economic reforms freed up trade and industry. The key driving force of India is its innovative family businesses. The private sector generates 57 percent of India’s GDP. Indian exports are dominated by hi-tech and innovative software. Outsourcing centers with an educated work force are developing rapidly.

India has steadfastly opted for development through education. More than 3.7 percent of the country’s GDP is spent on supporting research and education. In terms of intellectual potential, India is the number two country in the world. Its institutions of higher education produce a combined 2.5 million graduates every year, including 300,000 engineers and 150,000 IT professionals.
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