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This newsletter is brought to you by Confederation of Indian Industry - Technology & IPR Department. |
| The Success Mantra From the CII Technology Desk A recent report in Washington Post mentions that inspite of the problems of high unemployment and ageing population thus requiring high welfare expenditures by the State in Europe, Finland is one of the countries, which seems to have managed the problem rather well. There unemployment rate is comparatively low and although low-technology industry has collapsed, because of their large investments in innovation, they have been able to compensate with high technology industry. History exemplifies that Japan, Korea & Singapore have been able to retain their leadership by investing more and more in technology. On the other hand, countries like Brazil, who opened up their economies rather early, did not invest in technology and innovation and hence till date remain a low cost producer rather than low-cost and high-value products coming from these companies. If India needs to sustain the economic boom it is witnessing, more and more companies shall have to invest in first - product, and then - product technologies. Ultimately no advantageous position is permanent in the world. If we are a low cost producer in the world today because of the low wages, our advantage shall be taken over by some other country tomorrow. Before that itself, we shall have to move to better scale economies and final high-value products. Only then we can become a leader and sustain our leadership. The Mantra is Innovation !! Vineet Kumar Goyal |
