E WEEK INDIA 2014
E WEEK INDIA 2014 THEME: INNOVATING FOR INDIA
Encouraging innovation is the first step to win the future of a country. So this year we continue to have the same theme as last year! India's future growth will have to come from new industries that create new products and processes. The only durable strength we have that can withstand the downturns of economic crisis is — innovation.
In recent years, India is witnessing a spurt in activity from first generation entrepreneurs, some innovative startups that have emerged as hot businesses today. Their ventures attract others to take that plunge of chucking a full-time job and starting up a business. Flipkart, an online e-commerce store is one such venture creating waves all over with more than 6 million registered users. Another compelling startup success story flows from BITS Pilani graduates as redBus.in, an online bus ticketing service to organize highly disorganized bus services in India.
Shampoo sachets originated in India more than two decades ago, creating a market for a product that the poor had never before been able to afford. Medical innovations are widespread too. An Indian company has invented a cheaper Hepatitis B vaccine, bringing down the price from $15 per injection to less than $0.10.
Even the financial sector has seen innovation. Just three years ago, there were only 15 million bank accounts in a country of 1.2 billion people. Indians concluded that if people won’t come to the banks, the banks should go to the people. The result has been the creation of brigades of traveling tellers with hand-held devices, who have converted the living rooms of village homes into makeshift branches, taking deposits as low as a dollar. More than 50 million new bank accounts have been established, bringing India’s rural poor into the modern financial system.
Awe-inspiring innovations have always pervaded the Indian economy. It is one of the reasons why there is more dynamism in the Indian economy than those who look only at the macroeconomic data believe. Sometimes it is important to stop looking at the forest and focus on the trees.