5 trillion economy: Innovation key to unlocking $5-trillion economy


Mumbai: When pathological labs across the country focused on churning out medical reports requisitioned by doctors, A Velumani, the CMD of Thyrocare Technologies, tried to go beyond these microscopically-computed readings. He started offering “disorder screening” packages that allowed medical practitioners to spot “early symptoms.” “It helped people to know about diseases early on and take preventive measures,” says Velumani.

Innovation helped Thyrocare grow and stay ahead of competition.

“We innovated around delivery systems,” says Velumani. “Innovation is important for any business to sustain and grow. There has to be constant improvement across products or services, packaging and pricing.”


Breakthrough ideas are an essential driver of progress that benefits consumers, businesses, the economy and the nation as a whole. Entrepreneurs and economists alike believe innovation will need to play crucial role if India is to achieve the ambitious goal of becoming a $5 trillion economy by 2024.

“Innovation can play a big role in economic growth,” says Harsh Mariwala, chairman of Marico. “Innovation in telecom sector, for example, has led to significant growth cutting across several sectors. We need more innovation in sectors such as agriculture, education and healthcare. This will help the country grow… It will also help improve living conditions of our citizens,” adds Mariwala.

It is with this in mind that The Economic Times Innovation Awards has been designed. The ET Innovation Awards seeks to identity and showcase the best innovations that are driving growth in the areas of business, products, technology, social impact etc. The Economic Times Innovation Awards is presented by SAP, along with Bain & Company as the knowledge partner. It seeks to identify and reward out-of-the-box thinking and innovation.

In economic terms, innovation describes the development and application of ideas and technologies that improve goods and services or make their production more efficient. A classic example of innovation is the development of steam engine technology in the 18th century. Steam engines could be put to use in factories, enabling mass production, and they revolutionised transport with the railways.

More recently, information technology transformed the way companies produce and sell their goods and services, while opening up new markets and new business models. The European Central Bank (ECB) views innovation as an enabler of higher productivity. It helps to generate greater output with same quantity of inputs. As productivity rises, more goods and services are produced – and the economy grows.

Successful organisations are those that generate hundreds of ideas, sift through them all, pick the right ones, develop them into products with clear go-tomarket strategies, and then leverage the innovations for revenue and profit growth. Great new products don’t just happen. They are brought about by innovative people, using innovative processes, through innovative business models.

“Our lives are going to change permanently, as there’s lot of innovation happening across sectors. Robotics, AI etc. will change our lives forever. Technology will be one of the biggest enablers of innovation,” says Mariwala.

The ET Innovation Awards comprises 10 categories, ranging from innovation in business model to customer experience, process, people, new product/service (B2B), new product/service innovation (B2C), marketing & brand innovation, AI (and analytics) innovation, innovation in inclusive growth and Innovation to drive sustainability.

Companies can log onto — www.etinnovationawards.com to participate.

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