Conclusions:
- Innovation performance (output) lags behind presence of enablers and absence of barriers (input)
- Presence of enablers has greater impact on performance than the absence of barriers
- Innovation is beneficial to business success in manufacturing
- At least 70 percent of the firms are innovation-inactive
- Aspiration for topline growth drives innovation, but it could also be at odds with innovation
- Activities exclusively focused on innovation correlate to higher innovation success
- Firms with more than basic innovation capabilities demonstrate higher success in innovation.
- Basic ecosystem enablers are essential but insufficient on their own to help firms increase their ability to innovate.
- Finance is the most cited barrier to innovation in Indian manufacturing
- Frequencies of innovation barriers differ by region in India
The report recommended ‘Innovate to Make in India’ as a
manufacturing innovation strategy'. The survey findings demonstrate that despite
proven business benefits, manufacturing firms
showed high-risk aversion and limited
entrepreneurial appetite to engage with
innovation. Predominantly, it was observed that
firms were responding to the immediate
demands in the market, instead of competing for
new products that are needed to compete in the
future. In this context, a long-term
manufacturing innovation strategy is critically
urgent. Thus, to make innovation a priority for
manufacturing firms, a concrete step forward
would be to complement the ‘Make in India’
with an “Innovate to Make in India” strategy.
This may then include broad based awareness,
promotional measures and investment
incentives, along with sectoral sub-strategies
with concrete innovation targets or roadmaps.
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