Two Indian corporate giants, Tata Group and Reliance Industries (RIL), have made to a new list of world's 50 most innovative companies, but it is US-based Apple Computer sitting on the top.
Between them, Tata Group is better placed as the world's 17th most innovative compared to Mukesh Ambani-led RIL's 33rd position globally in this league.
Having brought Mac computers, iPod music players and the new sleek touch-screen laptop iPad to this world, Apple has retained its top slot, while compatriot internet giant Google remains the "silver medallist" in the latest edition of annual rankings prepared by BusinessWeek magazine in collaboration with global research firm Boston Consulting Group (BCG).
But, the US supremacy on these rankings is under threat due to Asia's fast rise. There are as many as 15 companies from Asia on the list, as against five in 2006.
Besides, for the first time since the inaugural list in 2005, the number of companies from the US has fallen below that of the non-US entities among the top-25.
India, however, has limited role in Asia's growing clout. There are five companies from Japan, another five from China and Taiwan, three from South Korea and just two from India.
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Besides, both Indian entities on the list have moved down from their previous year rankings. In 2009, Tata group was ranked at 13th place, while RIL at 15th.
This is despite innovative being seen as a key for the country's economic growth, as per the survey conducted by BCG and BusinessWeek for compilation of the rankings.
About 89 per cent of executives in India said innovation was key to economic growth, while in the US only 72 per cent said innovation was important, the report said.
At the top of the list, Apple and Google are followed by software giant Microsoft, technology giant IBM and Japanese auto major Toyota in the top five.
Others in the top-10 included Amazon.com, LG Electronics, BYD, General Electric and Sony.
While Asia is growing fast, North America leads the tally with 24 companies on the list. There are 11 companies from Europe and one from South America (Brazil's Petrobras).
In terms of ranking, salt-to-steel maker Tata group, at its 17th rank, is placed above global giants like BMW, Nokia, Coca-Cola, Wal-Mart, P&G, Honda, McDonald's and Walt Disney.
At 33rd position, RIL is also better ranked than companies like Dell, Nestle, Vodafone, Goldman Sachs, Nike, Fiat and fast-growing social networking website Facebook.
The rankings were compiled on the basis of a survey conducted among senior executives from across the world and the financial parameters like stock returns as also revenue and margin growth of the companies over a three-year period.