The over $100-billion Tata Group said its spending on research and development (R&D) jumped by 22.5 per cent to Rs 13,223 crore (Rs 132.23 billion), about 2.5 per cent of its total turnover, in FY13 compared to the previous year.
"As a group, in FY13, we spent Rs 13,223 crore on R&D. This is roughly 2.5 per cent of our total turnover. This number in rupee terms constituted a growth of 22.5 per cent over the spend in the previous financial year," Mukund G Rajan, Tata Group brand custodian and chief ethics officer, said at the Design@Tata media round table.
He said as a group the company is very focused in line with its chairman Cyrus Mistry's view which pointed out that in an increasingly competitive environment, it should differentiate itself through culture designed around customer-centricity and innovation.
"The focus of design and by design we mean the action of planning, look, function, producibility and social implications of products and services, is really helping the Tata Group companies to address the strategic issues such as sustainability, satisfying customers and creating commercial opportunities," Rajan said.
Innovations don't come from the market but actually help to create new markets, he said.
