BackIndia on the cusp of growth led by innovation
One of the most fascinating aspects of India is that the creativity of its people and their innovation skills are changing the dynamics of the global economy
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I have travelled to India regularly for many years and the all-round development that I have witnessed here fascinates me. My visit to India this time is to focus on innovation. The Bertelsmann Foundation has just launched its ‘India Innovation Study’. In today’s world of rapid transformation, conventional ways of doing business are just not going to work. Technology is changing not only our business environment, but also our societies. In order to thrive in this environment, we need to work beyond national and cultural boundaries. In order to work together towards a win-win partnership, the Foundation commissioned its ‘India Innovation Study’.
One of the most fascinating aspects of India is that the creativity of its people and their innovation skills are changing the dynamics of the global economy. This development needs to be studied deeper and disseminated wider.
Our study, jointly conducted with Roland Berger strategy consultants, has been a first-of-its-kind comprehensive assessment of corporate innovation in India and its impact on Germany. The heart of it is made up of primary interactions with 80 companies and more than 150 stakeholders, including Indian and German industry associations, universities and research organizations, and government bodies. In addition, workshops were held in Berlin, Mumbai, New Delhi, Bengaluru, Chennai and Pune to help us gain multiple stakeholder perspectives.
The results show that Indian companies are becoming more competitive globally and the start-up ecosystem here is vibrant and among the best in the world. I am very positive that India is on the cusp of innovation-led growth. This has significance for Germany, with its high-technology export-driven economy. In addition to rapid digitalization across sectors, Germany also has to deal with a demographic challenge affecting the availability of highly qualified engineers and scientists to retain its technological edge.
For India, Germany could play the role of a partner in modernizing and transforming its dynamic economy. The combination of Indian IT expertise with German engineering strength would be mutually beneficial in the light of latest developments like Industry 4.0. German companies and the German government should take serious note of this development and engage actively with their Indian partners.
The Bertelsmann Foundation was established in 1977 by my late husband, Reinhard Mohn. The Foundation was endowed with a majority shareholding in Bertelsmann Corporation, which funds the Foundation’s projects. In light of his success in the world of business, he felt a strong obligation to give back to society.
The Bertelsmann Foundation is an independent, non-partisan and non-profit think tank. We engage policymakers and thought leaders through innovative projects, research and debate to shape practical recommendations and policy solutions for pressing political, economic and social issues.
Since its inception, the Foundation has invested more than $1 billion in more than 700 projects. It has about 300 employees spread over in Barcelona, Brussels and Washington and is headquartered in the German town of Gütersloh.
The Foundation’s engagement with India is part of our Germany and Asia programme, which I established in 2012 to foster deeper engagement with the region, which is rapidly changing the dynamics of the current world order.
Our internationalization strategy has three aspects: learn, connect and transfer. We want to learn about the economic and social transformations happening in Asia, connect the decision-makers in Asia and in Germany as well as transfer the knowledge to each other, thereby finding global solutions to global challenges.
We look forward to a broader and deeper engagement with India in the future, especially on the topic of social innovation and corporate responsibility.
The topic of corporate social responsibility has interested me for a long time. I have seen many wonderful examples in our networks in the past few years, especially at small and medium-size companies. There is a lot that we could learn from each other.
India and Germany are key partners—economically, politically and socially. The Bertelsmann Foundation wants to make a positive contribution to this relationship.
Liz Mohn is a member of the supervisory board of Bertelsmann Foundation.
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