London: Tata group's leading innovations in 2014-2015 has created over an estimated USD 1.1 billion of financial benefits and will impact 35 million people globally over the next 5-year period.
The figures come after analysing the performance of the applicants to Tata Innovista, which celebrated its ten year anniversary in 2015, the company said in a statement.
Tata Innovista is a group-wide programme, held annually to encourage, recognise and showcase outstanding innovations done by Tata companies, including Jaguar Land Rover, Tata Steel and Tetley Tea.
The programme is a key initiative to help build and foster a culture of innovation in the group's companies, which is central to Tata's growth strategy.
These innovations will impact over 35 million people, globally, over the next 5-year period.
Started in 2006, Tata Innovista has become an indicator of the success of the innovation drive in the Tata group.
In 2006 the group only received 101 projects in the programme, in 2015 there were 1,580 applications representing over a 1500 per cent increase.
The announcement includes a number of quotes from senior spokespeople at the group, including Dr Mukund Rajan, Member of Group Executive Council and Brand Custodian; and Dr Gopichand Katragadda, Group Chief Technology Officer.
