The Tata Group expects its top 60 innovations to deliver a financial benefit of up to $1.1 billion this financial year, officials from the salt to steel making conglomerate said at the 10th edition of Tata Innovista, an initiative that fosters the innovation ecosystem in the group. Tata Innovista 2015 received 1580 projects under the ‘Promising Innovations’ category as compared to 101 in 2006, signifying a 15-fold increase.
The group spends around 2.5% of the group turnover annually on R&D. “Of these 1,580 innovations over the decade, 60 of them are expected to deliver an estimated financial benefit of 1.1 billion dollar annually and are expected to touch the lives of 35 million people,” said Tata Sons’ Brand Custodian and Chief Ethics Officer Mukund Rajan.
The Tata Group spent R16,000 crore, which is about 2.5% of the group’s turnover of about $ 103 billion in 2013-14.
“Against this, the national average spend on R&D is just 0.9% of GDP,” added Rajan. Over the next three years, the group is also planning to double its published patents which stood at over 2,000, mostly by group companies in the automotive, energy, software, and materials space as of last fiscal, Tata Group Chief Technology Officer Gopichand Katragadda said.
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