<p>Addressing a session on ‘Role of Innovation in an Economic Downturn’, organised by CII, he said that IT industry was still on a strong footing and bound to grow with more investment in research and development.<br /><br />“We invest more in new services, value additions, new solutions and products, so that even if they don’t pay now, they will pay later on. Though radical innovation is time consuming, it will definitely pay in the longer run,” he said.<br /><br />Though Indian Companies were focusing on process innovations, they should switch over to product innovations, he said, adding Universities should also focus on R and D.<br />Indian companies were also buying companies located in the developed countries.</p>
<p>Addressing a session on ‘Role of Innovation in an Economic Downturn’, organised by CII, he said that IT industry was still on a strong footing and bound to grow with more investment in research and development.<br /><br />“We invest more in new services, value additions, new solutions and products, so that even if they don’t pay now, they will pay later on. Though radical innovation is time consuming, it will definitely pay in the longer run,” he said.<br /><br />Though Indian Companies were focusing on process innovations, they should switch over to product innovations, he said, adding Universities should also focus on R and D.<br />Indian companies were also buying companies located in the developed countries.</p>