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<keyword id="2628697" type="General" weightage="50" keywordseo="billionaire-mukesh-ambani" source="Orion">Billionaire Mukesh Ambani</keyword>'s <keyword id="10926" type="General" weightage="100" keywordseo="reliance" source="Orion">Reliance</keyword> Industries Ltd climbed eight spots to the 45th rank, the highest for an Indian company on <keyword id="6373044" type="General" weightage="80" keywordseo="forbes" source="Orion">Forbes</keyword>' latest Global 2000 list of public companies worldwide. The Global 2000 ranks the largest companies in the world using four metrics: sales, profits, assets, and market value, Forbes said while releasing the 2023 ranking of the world's top 2,000 companies. JPMorgan, America's biggest bank with USD 3.7 trillion in assets, is at the top of the list for the first time since 2011 and has emerged stronger from this spring's regional banking crisis, with more deposits and opportunistic acquisition of the failed First Republic Bank, it said. <keyword id="6358963" type="General" weightage="50" keywordseo="warren-buffett" source="Orion">Warren Buffett</keyword>'s Berkshire Hathaway that topped the list last year, fell to the 338th position in the latest list due to unrealised losses in its investment portfolio. Saudi oil behemoth Aramco is at 2nd position followed by three giant-sized state-owned Chinese banks. Technology giants Alphabet and Apple are at 7th and 10th place, respectively. Oil-to-telecom conglomerate Reliance, with sales of USD 109.43 billion and profit of USD 8.3 billion, is the top most-ranked Indian firm at the 45th spot, climbing from the 53rd position it had held in last year's ranking. Reliance was ranked ahead of well-known names like Germany's BMW Group, Switzerland's Nestle, China's Alibaba Group, US-based Procter &amp; Gamble and Japan's Sony. State Bank of India climbed to 77th spot from 105th in the 2022 ranking. HDFC Bank is at 128th position (153 in 2022) and ICICI Bank is at 163 (204 in 2022). Other Indian firms on the list include state-owned Oil and Natural Gas Corporation at 226 and HDFC (232). Life Insurance Corporation (LIC) made its maiden entry at 363 while <keyword id="6357585" type="General" weightage="50" keywordseo="tata-consultancy-services" source="Orion">Tata Consultancy Services</keyword> (TCS) slipped to 387th rank from 384 last year. Axis Bank (423), NTPC (433), Larsen &amp; Toubro (449), Bharti Airtel (478), Kotak Mahindra Bank (502), Indian Oil Corporation (540), Infosys (554), Bank of Baroda (586), Coal India (591), Tata Steel (592), Hindalco (660) and Vedanta (687) are other notable Indian firms on the list. In all, 55 Indian firms figured on the list. Three firms of the conglomerate helmed by billionaire Gautam Adani, whose group faced a scathing attack from a US short seller earlier this year that lead to him losing the world's third richest tag, figured in the list. The three Adani Group firms in the list include Adani Enterprises at 1062, Adani Power at 1488, and Adani Ports &amp; Special Economic Zones at 1598. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/xiaomi-pad-6-redmi-buds-4-active-launched-in-india-price-specifications-and-more/articleshow/100959781.cms">Xiaomi Pad 6, Redmi Buds 4 Active launched in India – price, specifications and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/iphone-users-here-are-some-ios-17-tips-and-tricks-to-note/articleshow/100960215.cms">iPhone users, here are some iOS 17 tips and tricks to note</a>

Reliance climbs 8 spots to 45th rank on Forbes' Global 2000 list

<ul><li>As many as 18 Indian organisations featured in the annual list of the world’s best regarded companies. </li><li>However, only three Indian companies — Infosys, <keyword id="6357585" type="DOMAIN" weightage="20" keywordseo="tata-consultancy-services">Tata Consultancy Services</keyword> (TCS) and Tata Motors — made it to the top 50. </li><li>Forbes labelled Infosys, which is now ranked third under ‘Asian invasion.’ </li><li>Other companies in the top 10 include Netflix, PayPal, Microsoft, Walt Disney, Toyota Motor, Mastercard and Costco Wholesale.</li></ul>American business magazine Forbes released an annual list of the <a href="https://www.forbes.com/lists/best-regarded-companies/#c5f17ba124dd">world’s best regarded companies</a>. And, 18 Indian organisations including Infosys, Wipro, HDFC and Tata Steel were featured in it. Yet only three Indian companies — Infosys, Tata Consultancy Services (TCS) and Tata Motors — made it to the top 50. On a global front, Indian organisations have been faring well, as compared to the ranks last year. Technology giant Infosys has crawled up to the third rank from 31 in 2018, preceded by global payments giant Visa and carmaker Ferrari. India’s most valuable company TCS has been ranked 22. Addressing the positive growth of the company, Forbes labelled Infosys — which is the second largest software exporter in India — as ‘Asian invasion.’ Other companies in the top 10 include Netflix, PayPal, Microsoft, Walt Disney, Toyota Motor, Mastercard and Costco Wholesale. India, China and Japan cumulatively account for 82 companies in top 250 of the global list. US leads the race with 59 companies. Forbes, jointly with German statistics company Statistica surveyed over 15,000 respondents across 50 countries to assess the world’s largest public companies. The assessment was based on four parameters — social conduct, trustworthiness, product and services, and how they are as employers. Here are the ‘best regarded’ Indian companies, according to Forbes 
	<div type="Slideshow" msid="71289827" hostid="261" title="Here are all the 18 Indian firms featuring in the Forbes ‘best regarded’ companies" firstImageMsid="71289828" slideCount="16"></div>

Here are all the 18 Indian firms featuring in the Forbes ‘best regarded’ companies

<ul><li>The <keyword id="8205065" type="UNKNOWN" weightage="20" keywordseo="forbes-100-richest-indians">Forbes 100 Richest Indians</keyword> list puts Shiv Nadar on top as the country’s richest tech billionaire worth $14.4 billion. </li><li>Wipro chairman Azim Premji ranks second with a net worth of $7.2 billion. </li><li>The list also sees the debut of Byju Raveendran, who is the youngest billionaire on the list and the only one who is under 40 years old. </li></ul>The richest of the rich when it comes to India’s digital economy include a few familiar faces, and a few brand new ones. On the one hand, the list is dominated by regulars like HCL’s Shiv Nadar and Wipro’s Azim Premji. On the other, start up founders like Paytm’s Vijay Shekhar Sharma and Byju founder Byju Raveendran are also working their way up the list. It should be noted that when it comes to technology sector, Infosys seems to be in the business of creating billionaires. Four of the top ten billionaires are currently working for the digital giant, or have in the past. Scroll on to see the ten richest tech billionaires on Forbes 100 Richest Indians list:

Top 10 tech billionaires on the Forbes list of 100 richest Indians

India is home to 54 of the world's biggest and most powerful companies, according to a report by <keyword id="6373044" type="CITY" weightage="100" keywordseo="Forbes">Forbes</keyword>. Mukesh Ambani’s <keyword id="6355199" type="CITY" weightage="80" keywordseo="Reliance-Industries">Reliance Industries</keyword> tops the list of 54 Indian companies in Forbes' annual list of world's 2,000 largest and most powerful public companies. Interestingly, three Chinese companies occupy the top three slots. 
 
The Forbes 'Global 2000' is a list of the world's “largest, most powerful public companies,” measured on scales of revenues, profits, assets and market value. 
 
The US maintains its supremacy as the country with the maximum number of firms (564) in the Forbes 'Global 2000’ list. It is followed by Japan with 225 companies. 
 Reliance Industries is ranked 135th, having a market value of $50.9 billion and $72.8 billion in sales till May 2014. <keyword id="160270" type="CITY" weightage="80" keywordseo="The-State-Bank-of-India">The State Bank of India</keyword>, ranked 155th, trails Reliance and has a market value of $23.6 billion. 
 Other Indian companies in the list include Oil and Natural Gas Corporation (176), ICICI Bank (304), <keyword id="42747" type="CITY" weightage="80" keywordseo="Tata-Motors">Tata Motors</keyword> (332), Indian Oil (416), HDFC Bank (422), Coal India (428), Larsen &amp; Toubro (500), <keyword id="6357585" type="CITY" weightage="80" keywordseo="Tata-Consultancy-Services">Tata Consultancy Services</keyword> (543), Bharti <keyword id="15491" type="COMPANY" weightage="80" keywordseo="Airtel">Airtel</keyword> (625), Axis Bank (630), Infosys (727), Bank of Baroda (801), Mahindra &amp; Mahindra (803), ITC (830), Wipro (849), Bharat Heavy Electricals (873), GAIL India (955), <keyword id="6357147" type="CITY" weightage="80" keywordseo="Tata-Steel">Tata Steel</keyword> (983), Power Grid Corporation of India (1011), Bharat Petroleum (1045), HCL Technologies (1153), Hindustan Petroleum (1211), Adani Enterprises (1233), Kotak Mahindra Bank (1255), Sun Pharma Industries (1294), Steel Authority of India (1329), Bajaj Auto (1499), Hero Motocorp (1912), Jindal Steel &amp; Power (1955), Grasim Industries (1981) and JSW Steel (1990). 
 
This year's list of ‘Global 2000’ includes companies from 62 countries, up from 46 in the inaugural 2003 rankings.

54 Of World's Biggest Firms Dwell In India:
Forbes

As individuals, Indians are resourceful, creative and smart. In a supportive context, such as <keyword id="6357722" type="COMPANY" weightage="20" keywordseo="silicon-valley">Silicon Valley</keyword> they have shown that they can play critical roles in the most innovative companies. But, here in <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>, our innovation output is significantly below our potential. My work on innovation has focused on identifying the barriers to innovation in India, and seeking pathways at the level of both the nation and the firm to channelize our creative potential into a more systematic and sustainable innovation output. 
 
The Big Picture 
International comparative studies of innovation consistently place India far below the top of the innovation charts. In the latest INSEAD-WIPO Global Innovation Index (2013), India ranks #66. Rather than going up the ladder, India is actually sliding down – we slipped two positions in the last year and, this is in spite of the Government of India declaring this the decade of innovation! 
 
A simple way of understanding innovation output is to think in terms of supply side factors, processes and capabilities, and demand side factors. At the national level, since liberalization began over two decade ago, the demand for innovation has grown. Disposable incomes are up, the government is looking for low cost solutions to knotty public problems, and the legal systems for protection of inventors’ rights, are now better aligned with those in rest of the world. But India still faces challenges on the supply side, and in the capabilities of organizations to use the inputs available for innovative outcomes. 
 
Supply side issues include the failure of the education system to rise up to the challenge of building a well-trained work force that can undertake creative problem-solving, lack of adequate seed capital to take ideas to prototypes, and the absence of a supportive infrastructure for innovation. But, perhaps the biggest supply side problem is India’s poor research base – a recent study commissioned by India’s Department of Science &amp; Technology shows that India’s research output is not cited at a level above the global average in a single academic discipline. 
 The main agent of innovation in a capitalist <keyword id="34412" type="ORGANIZATION" weightage="20" keywordseo="economy">economy</keyword> is the firm. This is the entity that links ideas with the market. Unfortunately, firms in India have been slow to develop systematic innovation capabilities, preferring to rely on traditional methods of creative improvisation such as jugaad. While jugaad may be attractive to large multinational firms whose processes have become too rigid and inflexible, Indian firms (with a few notable exceptions) face the opposite challenge – their innovation processes are too fluid and under-developed to facilitate the transformation of the creative energies of their employees into a steady stream of innovative products and services. Unfortunately, while multinational R&amp;D and engineering subsidiaries in India have the potential to do more innovative work, their innovation tends to be circumscribed by the roles mandated by their parents. 
 Why don’t Indian organizations spend more effort in developing better innovation capabilities? Family ownership appears to be a barrier, unless the family members involved in the business have a penchant for innovation (e.g. Dr. <keyword id="253203" type="PERSON" weightage="20" keywordseo="Anji-Reddy">Anji Reddy</keyword> and Dr. <keyword id="76415" type="PERSON" weightage="20" keywordseo="Parvinder-Singh">Parvinder Singh</keyword> at DRL and Ranbaxy respectively). More traditional family owners lack a deep understanding of either technology or customer needs, two of the key starting points for innovation. 
 
But there are also social and cultural forces at work that impede the creation of systematic innovation capabilities within firms. Research on management in India has shown that Indian companies’ efforts at innovation are impeded by poor teamwork; the enduring importance of upward hierarchical progression in a traditional society that leads to individuals moving out of individual contributor roles too early; a “brahminical attitude” that gives brainwork a superior position over physical work and results in ideation being lionised but experimentation looked down upon. Additionally, a weak systems and strategic orientation that results in the absence of appropriate change paradigms; a low tolerance of failure; a lack of confidence in innovation capabilities; a failure to positively reinforce innovation efforts; and a strong need for control that comes in the way of joint working with other organisations, all are impediments to innovation in India. 
 
Accelerating the Pace of Change 
Some of these factors are changing over time, but the change is slow. What can India do to accelerate the pace of change? 
I believe there are four priorities starting with a focus on the creation of a critical mass of new generation firms, started by young entrepreneurs. These youngsters would be relatively free of the baggage of our past and therefore more inclined to take on the challenge of genuine innovation. These firms need to be in sectors and application areas that go well beyond our traditional strengths like IT and services. 
The second priority is to provide the right incentives for institutions of higher education to change to become more research-oriented and more practice-oriented. 
 
The third priority is to change the nature of government’s support for research and development. The traditional model of government- owned, financed, and run research institutions needs to be replaced by competitive government grants to support R&amp;D in private institutions and small firms. The feasibility of this has already been proven by the schemes and programmes of the Department of Biotechnology, such as SBIRI and BIRAC. Such an approach needs to be extended to other sectors as well. 
 
The last but certainly not the least priority is to move India towards being a more knowledge-driven and science-intensive society. The solution to this problem lies as much with individuals as with the government. The next time your child has a project from school, get her to do it rather than doing it for her. Don’t accept superstitions and baseless rituals. Embrace the scientific method. 
 
Building Innovation Capabilities: The 8 Steps Approach The other part of the puzzle is building strong organizational innovation capabilities. Some Indian companies have already shown how this can be done. <keyword id="1643686" type="UNKNOWN" weightage="20" keywordseo="Vinay-Dabholkar">Vinay Dabholkar</keyword> and I have captured the essence of these practices in our 8 Steps to Innovation framework. 
 
In our interaction with Indian companies, we learnt that they faced three major problems in making innovation a sustained activity. The first is what we call the pipeline problem – the absence of a steady stream of ideas that can drive their innovation engine. Some companies told us that they have managed to create a stream of ideas, but that many of the ideas seem to get lost in the system – this is the source of a second problem that we call the velocity problem. A set of companies more mature in the innovation process told us that their challenge is different – this is the third problem that we call the batting average problem, i.e., the absence of adequate business impact of innovation. 
 
Our 8 step framework seeks to address these three big problems. Building a pipeline involves getting more people across the organization to see innovation as a part of their job and to make it easy for them to share their ideas with the company. To facilitate this, we advocate 3 steps. The first is to lay the foundation for innovation. This is achieved by designing an idea management system that is aligned with the company’s culture, conducting periodic campaigns that create excitement and involvement around innovation, and training people in creative problem solving methods to help them unleash their creative potential. The second step is to create a “challenge book” – identify the problems on which the company should focus its innovation efforts. The third step is to encourage participation in innovation. Some of the ways of achieving this are identification and recognition of innovation role models; forming communities of practice; identifying and training innovation catalysts who can help people with ideas take these ideas forward; and judicious use of rewards and recognition to get people involved. 
 
Ideas don’t move forward because they remain untried and untested. The solution to this is to encourage and support quick, low-cost experimentation to test assumptions related to need, technology, production, and commercialization. Once a proof-of-concept has been established, the barrier often shifts to the resources needed to take the innovation forward. Champions provide credibility and support and help overcome this barrier. Moving towards commercialization is helped by applying the principles of experimentation to the business model as well. 
 
Getting a bigger bang out of innovation – or enhancing the batting average as we call it – depends on two sets of actions. The first set is related to making the innovation successful, and consists of the use of innovation sandbox approaches to do intense experimentation within the tight expectations of the market; the use of platform approaches to help capture value from one innovation across multiple application areas; and sourcing ideas from outside the company (open innovation) to complement the company’s ideas and complete the innovation process. The second set relates to managing risk. Understanding the history of similar innovations, awareness of the baseline success rate of such innovations, and doing a premortem are some useful ways of managing the risk involved. Other approaches include a portfolio orientation and having a vigorous pipeline to avoid over-dependence on a single innovation. 
 We found successful Indian companies practising several of the approaches we have described above. <keyword id="6359783" type="CITY" weightage="20" keywordseo="Bajaj-Auto">Bajaj Auto</keyword> has been very effective at defining the right challenge book leading to market-dominating products such as the Pulsar. <keyword id="10899" type="CITY" weightage="20" keywordseo="Titan-Industries">Titan Industries</keyword> has been a leader in training employees to participate in the innovation process and launching annual campaigns. Cognizant Technology Solutions has also been strong on participation, and has trained an impressive “army” of catalysts. <keyword id="42747" type="CITY" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword> has used innovation sandboxes effectively, <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> has a portfolio of effective innovation platforms, and Eureka Forbes has used open innovation to its advantage. Clearly where there is a will, Indian companies have found a way to build their innovative capabilities. 
 
(The author of this article is Rishikesh T. Krishnan. His main areas of interest are strategy and innovation. He was a Visiting Scholar at the Center for the Advanced Study of India, University of Pennsylvania (Fall 2008), and at the Indian School of Business (ISB), Hyderabad (2011-12). This article was contributed to Thinkers, a quarterly thought leadership magazine that features the brightest thinkers in the areas of economics and governance, philosophy and literature, science and technology, and management. To learn more about the magazine, please visit: <a href="http://www.thinkers.in/">www.thinkers.in</a> ) 
 
Image: thinkstock

Thinkers/Thinkers 50: Going beyond Jugaad, can India build a systematic innovation capability?

<ul class="summary-list"><li>Infosys founder N.R. Narayana Murthy said young Indians should work 70 hours a week.</li><li>He said they need to become "highly determined, extremely disciplined, and extremely hardworking."</li></ul>One of India's top business leaders said that young Indians need to grind out 70-hour workweeks if they want to see their country realize its economic potential. "My request is that our youngsters must say: 'This is my country. I want to work 70 hours a week," N.R. Narayana Murthy, the 77-year-old founder of <a target="_blank" href="https://www.businessinsider.in/business/corporates/news/unlike-tcs-infosys-wants-to-remain-flexible-on-wfh/articleshow/104375828.cms">information technology giant Infosys</a>, said in a recent <a target="_blank" href="https://www.youtube.com/watch?v=ES8ZNSTswrs">interview</a> with former Infosys CFO T.V. Mohandas Pai.Murthy, who cofounded Infosys in 1981 and has a net worth of around $4.3 billion, <a target="_blank" href="https://www.forbes.com/profile/nr-narayana-murthy/?sh=4033d4823e05">according</a> to Forbes, said that India has one of the <a target="_blank" href="https://www.businessinsider.com/wfh-work-from-home-decreases-productivity-18-percent-study-rto-2023-8">lowest productivity levels</a> in the world and that it was the responsibility of the country's youth to drive changes in its work culture.Around 66% per cent of India's population is under the age of 35, <a target="_blank" href="https://www.ilo.org/newdelhi/info/WCMS_175936/lang--en/index.htm">according</a> to figures from the International Labour Organization (ILO). "Our culture has to change to that of highly determined, extremely disciplined, and extremely hardworking people," Murthy told Pai.He added that it was an opportune time to "consolidate and accelerate" the country's economic progress because India was beginning to receive global recognition for its fast-growing economy, which is on <a target="_blank" href="https://www.businessinsider.com/india-us-economy-biggest-in-world-china-imports-2023-7#:~:text=India%20is%20on%20pace%20to,chance%20it%20squanders%20this%20promise&amp;text=India%20is%20expected%20to%20be,tariffs%2C%20and%20discouraging%20foreign%20investment.">pace to become the world's second-largest economy by 2075</a>. But Indians already work some of the longest hours of any nationality, averaging around 47.7 hours per week per employed person, according to the <a target="_blank" href="https://ilostat.ilo.org/topics/working-time/#">ILO</a>. That puts India seventh in the global ranking, with only Qatar, Congo, Lesotho, Bhutan, Gambia, and the United Arab Emirates averaging more, per the ILO.Murthy's comments have thus stirred a debate on social media, with some saying that taking his advice <a target="_blank" href="https://www.businessinsider.com/work-life-balance-job-satisfaction-burnout-great-resignation-office-return-2023-4">might backfire and lead to burnout</a>.In a post on X, formerly known as Twitter, tech entrepreneur Vishal Gondal wrote: "Respectfully, Narayana Murthy ji, while hard work is crucial, a 70-hr work week may risk burnout and stifle creativity.""Empowering minds, not exhausting them, fuels the innovation that places nations at the pinnacle of global advancement," he added. A 70-hour workweek could also pose <a target="_blank" href="https://www.businessinsider.com/work-from-home-women-careers-jobs-pandemic-flexibility-gender-equality-2023-7">difficulties for working women</a>, many of whom also take on the <a target="_blank" href="https://www.businessinsider.com/how-much-time-men-women-spend-on-housework-caregiving-pew-2023-4#:~:text=Even%20when%20women%20earn%20the,their%20husbands%20are%2C%20on%20average.">bulk of household duties</a>.A time-use <a target="_blank" href="https://www.pib.gov.in/PressReleasePage.aspx?PRID=1660028">survey</a> taken in 2019 found that Indian women spent around 299 minutes a day on housework and 134 minutes on caregiving duties, while men spent just 97 minutes carrying out household tasks and 76 minutes on caregiving."With this statement, Mr. Murthy is essentially pushing women out of the workplace," one woman said in an X <a target="_blank" href="https://twitter.com/nuts2406/status/1717574024589705503">post</a>, adding that, "men are never going to share the load of housekeeping, caregiving and childrearing."

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