Consumer goods companies emphasize innovation while reducing their R&D budgets.

According to a study by the Economic Times, most major consumer goods companies in India, including ITC, Maruti Suzuki, Asian Paints, and Mahindra & Mahindra, have reduced their research and development (R&D) spending as a percentage of revenues over the past five years. This trend contrasts with the growing emphasis on research and innovation in company reports and shareholder meetings this year. An analysis of the top 25 publicly listed consumer goods firms, which are part of the Sensex and Nifty 50 indices, reveals that 15 companies either cut or maintained their R&D spending levels in FY24 compared to FY19. Only 10 companies marginally increased their spending.