A wave of innovation is yielding high-quality goods that India’s poor can afford
Monday, October 11, 2004
“This quest for the best for the least could amplify India’s impact on the global economy. ’Future innovations will flow from the rise of capital-scarce but labor-abundant nations like India and China,’ says Diana Farrell, director of San Francisco’s McKinsey Global Institute. Already, Indian companies are eyeing markets in Asia, the Middle East, Africa, and Latin America. It remains to be seen, of course, how many of these goods and services find their place in Europe and the U.S. But thanks to increasingly demanding and sophisticated consumers, low-cost innovations have begun to spread across India, capturing the attention of analysts such as McKinsey’s Farrell and University of Michigan business guru C.K. Prahalad. He is author of The Fortune at the Bottom of the Pyramid: Eradicating Poverty Through Profits, which focuses on inexpensive goods and services created in India, Brazil, and elsewhere.” Read full article here.