The world will witness a new chapter of Innovation in India 2021. This chapter will see the infusion of brainpower, talent, innovation and technology from the B2B sector to the manufacturing and distribution as well. India is known for its enormous potentialities as a manufacturing hub and a major player in the global economy. As a rising economy and world leader in information technology and innovation, Indian companies are making big steps forward to penetrate and seize the market share pie in global markets. Innovation in B2B India can add much to the momentum of the economy and to contribute towards the growth of Indian economy too.
Innovation in B2B India is not a one-time exercise. It is a continuous process with innumerable dimensions, and the focus and strength should be on infrastructural development, workforce training and education. The aim should be to make it possible for Indian companies to transform themselves for the future needs, with the help of innovation and innovative approaches. In the future, manufacturing and distribution may form the key factors, but there will certainly be a substantial contribution of these verticals in the overall growth story of the companies.
Innovation in B2B India can be understood from two perspectives – one is that of supply chain, where there is the pressing need for faster goods to reach the markets at lower prices. Second, there is also a pressing need for Indian industries to upgrade their infrastructure, so that they can cope with the challenges of the global market. Apart from that, there is a third perspective that emphasizes the need for Indian industries to rethink the value proposition that they put forward to their customers, for selling products and services at lower rates. This could be done by improving the quality and thereby also increasing the market share for the Indian brands.
The government too has taken an active part in promoting innovations in B2B India. This has been realized in several government-led initiatives and strategies, such as the Make in India campaign, Skill Development Mission (SEM), and Federal Trade Commission’s (FTC) Digital Advertising Program. At the top of this list is the Jawaharlal Nehru University (JNU), which has been working on its Innovative Manufacturing Research Centre (IMRC) for quite some time now.
Jawaharlal Nehru University has also launched a new program called ‘Semiconductor Business Park’. This is aimed at developing high-tech industries in India. Apart from that, the government is also proactively supporting the efforts of private players in delivering innovations in B2B India. This was highlighted by the recently held fourth National Productivity Day, when the prime minister of India presented a cheque of Rs 300 crore to four industrial players, for developing the manufacturing base in the country.
These companies are focusing on manufacturing and distributing electronics and semiconductors, along with other small business units. This will not only help them tap the potential of B2B India, but also provide a chance to experiment on new technologies, along with introducing innovative products to the market. Apart from that, a number of private players have also signed up for Innovative Manufacturing Processes (IMPs), to foster more innovations in B2B India. This can be seen, for instance, by the likes of Wintel Limited, which is involved in the manufacturing of air conditioning systems and related products. Another notable player is Reliance Communications, which is developing software applications for business in the wireless communications space, such as GSM, CDMA, and UMTS.