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As New Delhi and Berlin continue to partner on innovation, a recent study states that innovation in India is playing multiple roles for Germany as the former's large and growing customer base provides a suitable test market for the latter.
India's size, diversity, heterogeneity and strong base in engineering capability offers German firms practice for innovating and competing in a VUCA world.
With over a million engineering graduates every year, India serves as a vast talent hub for skilled manpower, particularly in light of Germany's current demographic profile.
Also, the ecosystem provided by Indian cities like Bengaluru offers German companies a diverse market along with collaboration and co-innovation opportunities.
The study was jointly conducted Bertelsmann Foundation and Roland Berger and the key findings were presented in an event organized by the foundation here yesterday.
The event was attended by various dignitaries including NITI Ayog CEO, German Ambassador Dr. Martin Ney, and former Planning Commission member Arun Maira.
The study also developed a number of actionable recommendations for Indian and German companies, academia, and policymakers to leverage the Indian innovation ecosystem and derived recommendations on how the two countries can work to create a synergistic innovation partnership.
It asserted that close collaboration between industry and academia, a strong and enforced IPR regime, and the ease of doing business will play a major role in taking this relationship further.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)