Innovation to add $50 bn to Indian IT kitty

Innovation can add an additional USD 50 billion to the revenue pools of Indian IT and ITES industry by 2012, a new study released on Wednesday said.

The Nasscom-BCG Innovation Report 2007 called for a six step approach to build an innovation ecosystem including setting up of an ‘Indi Innovation Framework.’

The report recommended that industry body Nasscom should scale its existing initiatives and promote an ‘Indi Innovation Framework’ involving certification of innovation promising funding initiatives.

“Focusing on innovation besides differentiating Indian

IT-ITeS industry will allow it to tap additional revenue streams worth USD 50 billion,” Nasscom President Kiran Karnik said.

The report addresses three aspects of the innovation agenda — the factors that form a powerful imperative for innovation; the approach for firms to spur innovation; and specific recommendations to expand the innovation ecosystem in India.