Japanese Innovation Technology: Study and Implementation in India for Corporate Governance

Corporate Governance means how a Corporate is governed and takes care of the stakeholder's desires. A good corporate governance involves Innovation with Corporate Social Responsibility which benefits both the corporate and the community by ensuring long term growth of the business entity along with cost effective financial and human resources. It is therefore necessary to study and analyze the best practices in Corporate Governance which can be implemented to Corporate in India thereby benefitting the society and its economy. This paper explores and analyzes the Japanese Innovation Technology practices and its relevance to Corporate Governance in India. It explores the Japanese educational system and their Industry oriented education strategy. The study helps to develop a strong foundation for Innovation in the corporate workforce, to build a link between Institution and Corporate and to implement some of the best practices for Corporate Governance in India. From the analysis it is evident that the incubation of "Innovation and Knowledge Accumulation" attitude from early stage of education to employment level is a necessary background for the corporate workforce. A need for a corporate workforce culture with larger emphasis on newer product developments, innovation in all divisions of a Corporate, emphasis on quality to quantity and a constant awareness to contribute towards the society is required to maintain a constant momentum in today's competitive world. The study also emphasize on Industry oriented education that is learning from an industry perspective with continuous training and retraining for and by Industries. The application and implementation of such best practices on Corporate Governance creates a better atmosphere and good profit margins/growth for the Corporate. It brings out the innovation skills and learning skills of each individual in the corporate workforce which contributes for more indigenized systems in India.