Innovation: The key to India’s success
Long before Prime Minister Narendra Modi’s ambitious Make in India project was conceptualised and caught the imagination of global Inc, a young entrepreneur from Delhi had adopted the concept and went on to become a leading player in the global power solutions market. The man is none other than Kunwer Sachdev, the founder of Su-Kam Power Systems, who is popularly known as the “Inverter Man of India”.
Our Cover Story documents the inspirational journey of Sachdev who with his innovations revolutionised the power back-up industry of India. The success story of the Su-Kam indicates the importance of innovation and technology upgrading by Indian companies to build a strong base in the international arena.
There is not an iota of doubt that India has all the essential elements for becoming a leader in the manufacturing sector -- a large pool of skilled workforce, a conducive economic environment and competitive labour wages. We can take cue from China on how innovation can make any nation a market leader. With technology upgrading and innovation, China is now challenging the market leaders. According to a forecast by the US-based Battelle Memorial Institute, China will surpass Europe in terms of Research and Development spending by 2018 and exceed the US by 2022.
Productivity and investment are directly proportional to innovation. The more the innovation, better will be the products and more will be the investment. Not only the corporates, but the Indian Government should also build a competitive environment by prioritising scientific research with a strong intellectual property (IP) system. According to the US Chamber of Commerce's Global Intellectual Property Centre (GIPC), India is among the countries which have the weakest IP protection system. According to the GIPC, economies with robust and higher IP protection have 50 per cent more innovative output. It also states that India attracts only 2.7 per cent of global Research and Development spending, while China attracts 17.5 per cent.
It was time both the Indian Government and domestic companies worked together to create a robust research environment which will encourage trade and investment in the country. We should keep in mind that only ‘innovation’ is the key to the success of the Make in India programme. As someone once rightly said, “I innovate therefore I am.”