As part of its recognition lists announcement, Great Place To Work India, on Thursday announced the first ever edition of India’s Best Workplaces™ Building a Culture of Innovation by All 2023. The Innovation Excellence list ranks India at #40 in the Global Innovation Index (GII) marking progress from its position #81 in 2018.
One significant factor that has contributed to India's rise in the GII rankings is the increase in research and development spending, which has grown from 6.45 per cent of GDP in 2018 to 8.68 per cent in 2021. This funding has led to the growth of innovation and startup ecosystems in the country. The list also notes that there is a roughly 40 per cent innovation gap between practices and experience in many industries – with bio and pharma being the most impacted, followed by manufacturing and retail.
The report further indicated that 72 per cent of employees believe that celebrating innovation in the workplace improves workplace agility, customer service, as well as employees’ sense of pride in the organisation. It contributes to improved employee experience, morale, and productivity.
Yeshasvini Ramaswamy, serial entrepreneur and CEO of Great Place To Work India said, “In recent years, there has been a growing recognition of the importance of fostering a culture of innovation in the workplace, particularly in the context of Indian companies. Our study report has shown that companies that prioritise innovation tend to outperform their peers in terms of growth, profitability, and overall success."
"The Global Innovation Index (GII) is a leading benchmark for measuring a country's innovation capabilities, and India has made significant progress in this index over the past few years. Several Indian companies have successfully fostered cultures of innovation. Additionally, the government has introduced encouraged greater innovation and entrepreneurship through initiatives such as Startup India. The government has also launched the Atal Innovation Mission, aimed at fostering innovation and entrepreneurship among students," she said.