The second panel discussion of the Asia Society’s 20th Corporate Conference focused on driving economic growth in India through innovation and entrepreneurship.
Mr. Elichi Ono, Executive Adviser for Mitsubishi Chemical Corporation, described how India’s strength in human capital positions it well as an innovator. His company is planning to relocate its research and development operations from its central office in Japan to its facilities in India. Mr. Purnendu Chatterjee, Chairman of the Chatterjee Group, championed the bright future of entrepreneurship in India, saying that everyone on every corner is an entrepreneur, and that it is well-positioned due to its young and well-educated workforce to be a source of innovation in the future.
David Appasamy, Chief Communications Officer, Sify Ltd. argued that innovation support should be targeted at rural India as well as SMEs. Microfinance is helping, but there is a long way to go. Dr. Ge Dingkun, from the China Europe International Business School, addressed another facet of the innovation discussion, arguing that innovators must not only target their innovation towards meeting consumer demand, but must also consider regional variability. Mr. H. Harish Hande, CEO of SELCO-India argued there has been an overemphasis on innovation. It would be preferable, Mr. Hande said, if India reworked from the bottom, instead of from the top.
Mr. Partha S. Bhattacharyya, Chairman, Coal India Ltd. Supplies underscored that the reason energy security is reasonably assured in India is because of innovation in the primary energy sector. Going forward, the desire to decrease energy dependency on foreign countries will also spur innovation. Mr. Rama Sadasivan, Business Development Director, Dow Jones India digital spoke on the differences between innovation in India and elsewhere. “The difference in innovation between the US and India is this,” he said, “the US is focused on breakthrough products; the focus here is more on how to produce products at a lower price point and scale.”