India Inc is not engaged in developing “sustainable and inclusive innovations” as they do not identify with sustainable development or green growth, says a study by industry body CII.
According to the study, India Inc is mainly focused on existing products which leads to complacency and lack of innovation. Moreover, their governance culture, too, does not encourage innovation, leading to the scenario.
“Too much focus on existing products is the key internal barrier to innovation. Besides, senior executives tend to be judgmental and do not encourage new ideas,” the study said.
“When companies find their markets threatened by competition they scramble to innovate. The other key barrier to innovation is too much focus on short-term financial performance,” it said.
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