For innovation in India to earn the ‘best-in-the world’ recognition, the need is for a shift in the mindset of Indian innovators.
11 Aug 2014 | 4847 Views | By Sumantra B Barooah
For innovation in India to earn the ‘best-in-the world’ recognition, the need is for a shift in the mindset of Indian innovators. Anand Mahindra, chairman of the Mahindra Group, made this comment at a Google Hangout series dedicated to innovation, held in Mumbai on August 9. Mahindra vehicles have created ...
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For innovation in India to earn the ‘best-in-the world’ recognition, the need is for a shift in the mindset of Indian innovators. Anand Mahindra, chairman of the Mahindra Group, made this comment at a Google Hangout series dedicated to innovation, held in Mumbai on August 9. Mahindra vehicles have created a space for themselves as rugged, utilitarian transport solutions. But over the next few years they may also have a ‘jhakaas’ factor that will make customers choose them over products from foreign companies.
According to Anand Mahindra, India should move away from the jugaad (make do) attitude to an attitude of creating jhakaas (superb in Mumbai’s colloquial language). “We have become smug about jugaad,” says Mahindra.
The discussion debated how Indian quality and innovation can grow to become world-class. The required change in attitude that Mahindra spoke about may well have been initiated in his Group’s core automotive business. M&M has lined up seven passenger vehicle launches over the next few years.
India today is ranked at No. 76 in the Global Innovation Index. But things are changing. The success stories of home-grown businesses like private airline Indigo and online retail firm Flipkart reflect a wave of innovation. Flipkart’s business model may have had its base in existing businesses in the USA but was adapted for India. “We can build hundreds of million-dollar businesses in India,” says Rajan Anandan, MD, Google India. But this can happen only when the environment is conducive for entrepreneurs and innovators. Anandan adds that India’s taxation and legal framework have to be simplified if the country is to make a mark for itself as a centre for innovation of global standard.
Illustrating this, he said Google India has to engage 55 lawyers to navigate India’s complex legal system. That is the number of employees that WhatsApp, the world’s largest messaging service, had when it was bought by Facebook for $19 billion.
“We need not always need big-bang ideas,” says Chanda Kochhar, MD and CEO, ICICI Bank. She says that innovation can be simple yet significant. Kochhar referred to the fact that ATMs were not invented in India, but the innovative approach of offering its services in several languages has helped millions. For India to be in the big league of innovation, Kochhar suggests two key steps – tweaking the education system to be more research and creativity-oriented, and a better financial ecosystem.
Arun Maira, former chairman, Boston Consulting Group and member, Planning Commission, says that a proper bankruptcy law in India can help build a culture of risk taking, a prerequisite for successful innovations. “Utility, novelty and frugality must be provided by innovation,” says Maira.
India has showcased its capabilities for global innovation, primarily in the IT space. For that to happen in other sectors, the government, corporations and educational institutes have to work together. It is a long journey but with it wealth of potential talent, India needs to start in right earnest. That’s when the benchmark of innovation will move from jugaad to jhakaas.
Photograph (L-R): Anand Mahindra, chairman, Mahindra Group; Chanda Kochhar, MD and CEO, ICICI Bank; Arun Maira, former chairman, Boston Consulting Group and member, Planning Commission; and Arnab Goswami of Times Now.
