Innovation the buzzword at Indian Institute of Management, Ahmedabad

"Innovation and technology should be used to make services and products available to consumers at the bottom of the pyramid," insisted Ratan Tata, chairman, Tata group of companies. He was addressing academicians, scholars and participants at the international conference on 'Challenges to inclusive growth in the emerging economies' via video conference.

“Growth should be inclusive. In the current scenario, people at the bottom of the pyramid do not have access to certain products and services. Innovation should be used to make these services available to consumers," he stated. He said that India is a country normally referred to as one with a consumer market of 253 million people.

But when analysed, facts show that India is enjoying an upward movement of people in the consumer market.

He said that consumers at the bottom of the pyramid do have spending power and this is evident from the spread and use of cell phones. "There is a need to serve the broader base of pyramid," he said, adding that Tata has been making products to serve bottom of the pyramid like Nano, water purifiers and their hotel chain - ginger.

Tata was addressing the conference organised by the Strategic Management Forum and IIMA in memory of late strategic management guru CK Prahalad. IIMA director Samir Barua briefly introduced audience for choosing the subject on the conference and Prof Atanu Ghosh welcomed the dignitaries and guests.

Dean of IIML Prof Krishna Kumar introduced participants regarding the activities of Strategic Management Forum. Other speakers at the conference included Prof John Camallus from Univ of Pittsburgh, and Prof Pankaj Ghemavat, IESE Business School.