This should bring smiles on the faces of Prime Minister Manmohan Singh and his innovation advisor Sam Pitroda.
Three years after the current decade was named the Decade of Innovation, Boston Consulting Group has ranked India 15th in terms of innovation among all rapidly developing economies (RDEs).
In its fifth report since 2006 on 100 global companies from RDEs, the consultancy firm said India (along with China) is gradually gaining ground as a recipient of US patents.
This comes at a time when innovation as a culture is slowly taking hold across the RDEs, BCG noted. Besides innovation and research and development, what helped the top 100 companies “become the world’s economic engines” is their ability to hold fort against fierce competition, urge to go global, withstand global financial meltdown and a consumer-centric approach, it said.
“More than 30 of the 2013 BCG global challengers are consumer-focused companies – a sign of the rapid rise of consumer spending in their markets and abroad… They buy more than $1.7 trillion of goods and services and invest more than $330 billion in capital spending a year, providing a huge market for their suppliers,” said the report.
Incidentally, India has retained its share on the list of 100 global challengers with 20 companies, while China’s share is down from 33 companies last year to 30.
Indeed, three Indian companies graduated to the next level by virtue of sustained growth, said BCG.
Godrej Consumer Products, Sun Pharmaceuticals and Motherson Sumi Systems are the new entrants in the 20 companies’ list this year.