Elaborating the same with an example, Muralishankar Sambasivam, Vice President, Association of Indian Forging Industry (AIFI) and Joint Managing Director, Super Auto Forge, Chennai said, "In the area of automotive field with the advent of electrical transmission and hybrid technology, lot of existing automotive parts will become totally obsolete and hence those companies who are making such products have to come up with innovative way & technologies to remain in business. This will be possible only with a very clear vision on long term business strategy, comprehensive market knowledge and a sound internal R&D. The long term strategy will give the organisation the direction for developing new parts and with the market knowledge, they will be able to clearly identify the product family"

However, it is observed that the Indian manufacturing industry does not emphasise on the innovation to a large extent. "As India is an emerging market, the culture of innovation has just commenced. It is still in its infancy and it is only very recently that innovation and the start-up culture have started to evolve," stated Singh. Seconding the same Phatak opined, "Recent advances in start-ups in India is an indication of this evolution towards emphasis on the innovation."

R&D—root of the innovation
In most cases, innovation is an outcome of the research & development, which is why it is the backbone of innovation. "R&D forms the vital link between the present requirements of customers and the future anticipated needs. R&D also contributes in the developing new technologies which are more efficient and value based. Through R&D, companies can work towards improving existing product and service expectations of customers and all stakeholders. In the time of intense competition, R&D helps creates a positive differentiation in the products and services. This differentiation can also improve the working efficiencies of entire businesses," said Jasmeet Singh, Head - Corporate Communications, JCB India Ltd.

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