Business

Why Are We Not Able To Keep Pace With Other Countries In Innovation?

Recently, the famous consulting company BCG Group released the list of the 50 most innovative companies of the year 2023. While mobile manufacturer Apple has retained its first position in the report, Tesla has moved up three places to the second position. Amazon, Alphabet, and Microsoft have been ranked third, fourth, and fifth respectively. Among Indian companies, only Tata Group has got the twentieth position in the list of 50 innovative companies of the world.

Priority to innovation

79% of companies surveyed by BCG Group ranked innovation among their top three priorities, up from 75% in 2022. There is also an emerging group of companies planning to put innovation at the center of their future growth strategies. All the companies on the list are allocating more money to incremental innovation, not only this but these companies are allocating one-third of the entire budget to develop breakthrough innovation.

Power of AI

All the companies on the list have many similarities. As such, these companies carefully use strategic tools such as mergers and acquisitions, innovative technologies or processes, and qualified employees to strengthen their innovation platforms and practices. These companies believe in creating a better ecosystem by collaborating with external partners and competitors. All the companies on the list have leveraged the power of AI for innovation.

Only one Indian company

While most of the companies in the list are American, companies from Europe, Japan and Korea have also found place. It is worrying to have only one Indian company/group in the list of 50 most innovative companies. Certainly, a favorable environment has been created for startups in our country, and our economy has also emerged as a major and progressive economy in the world. But more work remains to be done on innovation, so that the companies of our country like Apple, Tesla, Amazon can also make the lives of common people easier by using innovation.

Also read: China’s Economy Shows Signs Of Improvement, But Its Property Sector Is Still In The Doldrums

In terms of the number of unicorns, our country India ranks third in the world after America and China. Founders of unicorn entities are fostering innovation through their own businesses and by investing money in other start-ups. There is a need to create a better environment for research and development, so that development can be promoted by implementing better ideas.

Vishal Tiwari, Editorial Consultant

Recent Posts

Khalistani Terrorist Annihilated In Piliphit Encouter: Punjab DGP

Punjab DGP Gaurav Yadav confirmed on Monday that those annihilated were operatives of Khalistan Zindabad…

5 mins ago

BJP Releases ‘Aarop Patra’ Against Kejriwal Government; Accuses AAP Of Corruption & Mismanagement

The Bharatiya Janata Party (BJP) released an 'Aarop Patra' against Aam Aadmi Party (AAP) Chief…

6 mins ago

Delhi High Court Issues Notice To Saket Gokhale In Defamation Case Filed By Lakshmi Puri

Delhi High Court has issued a notice to Trinamool Congress Rajya Sabha MP Saket Gokhale…

16 mins ago

Three Shot Dead In Morni Hills; Police Suspect Rivalry Behind Panchkula Triple Murder

A chilling triple murder unfolded in Morni Hills of Panchkula, three Delhi residents, including a…

36 mins ago

ED Registers Money Laundering Case In 52 kg Gold Seizure Incident

ED officially entered the investigation into the high-profile case involving the seizure of 52 kilograms…

1 hour ago

PM Modi Emphasizes Youth Empowerment & Education Reforms During Appointment Letter Distribution

Prime Minister Narendra Modi on Monday reiterated the importance of nurturing the potential of India's…

1 hour ago