Innovation to add another $50 bn to India's IT

Bangalore, July 26: The revenue pools of Indian IT and ITES industry may boost by 2012, as Innovation can add an additional billion, a new study released on Wednesday said.

Nasscom-BCG Innovation Report 2007 called for a six step approach to build an innovation ecosystem including setting up of an 'Indi Innovation Framework.'

Report recommended that industry body Nasscom should scale its existing initiatives and promote an 'Indi Innovation Framework' involving certification of innovation promising funding initiatives.

"Focusing on innovation besides differentiating Indian IT-ITeS industry will allow it to tap additional revenue streams worth billion," Nasscom President Kiran Karnik told a press conference here.

Report addresses three aspects of the innovation agenda- the factors that form a powerful imperative for innovation; the approach for firms to spur innovation; and specific recommendations to expand the innovation ecosystem in India.

Study asked the government to create a national innovation policy; launch mission mode projects in key tech areas; and establish a national innovation commission to further the process.

Government also needs to establish innovation clusters of research institutes, academia and industry besides implementing changes in policies related to innovation such as patents, business environment, venture capital and commercialisation of domestic technology, the study said.

It also called for collaboration with international educational institutes to increase quality of local research.

"While the Indian IT-ITeS industry has shown strong revenue growth over the years led by exports, investments in deep domain knowledge and IP creation would help fuel this growth story," Nasscom Chairman Lakshmi Narayanan said.

He also said to sustain high levels of growth, the industry needs to focus on cultivating and nurturing an ecosystem of innovation and institutionalise it.

OneIndia News
>