New Delhi: Vice President Hamid Ansari yesterday stated that we need to work towards inculcating the culture and attitudes that are needed to foster entrepreneurship and innovation.
While talking at the All India Management Association (AIMA)-JRD Tata Corporate Leadership Award presentation, Ansari went on to say: “We need to eventually work towards inculcating the culture and attitudes needed to foster innovation and entrepreneurship.”
He further went on to say: “The challenge before the Indian corporate sector today in the face of continuing low level of growth and rapid changes in technology and preferences of the end consumer is how to sustain their growth in times of recession.”
Ansari said the Indian corporate sector had some inherent weaknesses, including risk aversion, debt-addiction and low spending on R&D.
“For profitable growth, we have to strive for a premium that will accrue only if we target products that need high quality design, engineering and manufacturing,” he said, adding that merely offering incentives to industry may not be enough to spur innovative growth.