It is heartening to note that Innovation is a top strategic focus for most Indian companies and the importance is increasing over time. An overwhelming 89% of the respondents said the importance of innovation has increased significantly over the last 10 years. And 39% felt that innovation today has become critical to their organisation. Only 7% felt the importance of innovation has increased only marginally and 4% felt that the importance of innovation has remained the same.
The CII-BCG Survey has also revealed that 74% of the companies are planning to increase the funds invested in innovation. However, Indian companies seem to facing the innovation paradox as almost 60% of the respondents are not satisfied with their returns on innovation. There is thus a need for advocacy and awareness building in the area of innovation.
CII's roadmap for innovation is focused on building such awareness through a host of activities. In a sense the CII-BCG Innovation Survey was initiated to develop an understanding of the innovation environment in the Indian manufacturing sector, so as to fine-tune the efforts targeted at building an innovation culture in the country.
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Confederation of Indian Industry
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