Innovations can play a key role in addressing challenges faced by India: Marico chairman

Stocks

With growing penetration of mobile phones and a strong digital ecosystem, Mariwala feels the time is ripe for many more innovations to happen in India and to resolve key challenges faced by the nation.

PTI

February 17, 2022 / 05:47 PM IST

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Innovations can play an important role in addressing key challenges faced by the country in three areas — education, healthcare and agriculture, Marico chairman Harsh Mariwala said on Thursday.

With growing penetration of mobile phones and a strong digital ecosystem, Mariwala feels the time is ripe for many more innovations to happen in India and to resolve key challenges faced by the nation.

“I strongly believe that innovation can play a huge role in accelerating our journey in facing these three major challenges,” said Mariwala, who is also the founder of Marico Innovation Foundation (MIF).

He was virtually addressing a meeting of MIF’s flagship initiative ”Scale-Up Program”.

“We have seen what innovations have done pandemic times in improving healthcare and connecting people. As of today, we are at the stage where so many new technologies are coming in and it is a great opportunity to leverage in,” he said.

Marico Innovation Foundation was started in 2003 and that time innovation was not on the mind of CEOs.

“But since then the environment has changed in the last 18 -19 years and today if you ask the CEO of a global company or any large company, innovation is an invariable part of their key focus,” he added.

Because of the dynamic nature of business today and ever-changing market realities, innovation is and will remain the lifeblood of any business, he added.

While remembering his 30-year old journey, Mariwala said: “We were first one to enter and create a market. The key learning for me is innovations and creating opportunities is the way forward.”

Founded by Mariwala, MIF is a not-for-profit arm of the FMCG company Marico Ltd and it aims to nurture and propel innovations.

Since the programme’s inception, MIF has helped several organisations scale up.

It has not only seen a positive impact on their business in the form of healthy revenue growth, geographic and strategic expansion but also by ensuring operational efficiencies while optimising their business for profitability.

“With the pace of growth that we are seeing in our country and the sheer volume of ideas, I think it is important now more than ever for innovators to have access to an ecosystem that not only nurtures the bright ideas but one that enables the idea’s journey towards creating meaningful impact,” he said.