Unleashing India's Innovation and Entrepreneurship Potential
Unleashing India’s Innovation and Entrepreneurship Potential
India has been one of the best performers in the world economy in recent years. Indian economy has been one of the stars of global economics growing 9.6% in 2006 and 9.2% in 2007. Growth had been supported by market reforms, capital inflows of FDI, rising foreign exchange reserves, both an IT and real estate boom, and a flourishing capital market. Like rest of the world, however, India is also facing testing economic times (economic recessesion) with inflation running at 11%, the highest level seen in a decade .The Indian stock market has fallen more than 40% in six months from its January 2008 high. $6 billion of foreign funds have flowed out of the country in that period, reacting both to slowdown in economic growth and perceptions that the market was over-valued. It’s high time we recognize the growing significance and visible impact of Entrepreneurship and innovation on wealth-creation and employment-generation in India.
INNOVATON:
Innovation is a process to achieve measurable value enhancement in any commercial activity, through introduction of new or improved goods, services, operational and organizational processes. It is a significant factor in fostering competitiveness, improvement in market share and quality. It reduces costs . Innovation is a key driver of economic growth. It is both creation, commercialization of new knowledge and diffusion and absorption of existing knowledge in new locations. Growth, accompanied by innovations, has been associated with rising living standards and a reduced number of poor people.
India is increasingly becoming a top global innovator for high-tech products and services. Still, the country is under performing compared to its innovation potential which has direct implications for long-term industrial competitiveness and economic growth. About 90 % of Indian workforce is employed in the informal sector. This sector is often characterized by
India has been one of the best performers in the world economy in recent years. Indian economy has been one of the stars of global economics growing 9.6% in 2006 and 9.2% in 2007. Growth had been supported by market reforms, capital inflows of FDI, rising foreign exchange reserves, both an IT and real estate boom, and a flourishing capital market. Like rest of the world, however, India is also facing testing economic times (economic recessesion) with inflation running at 11%, the highest level seen in a decade .The Indian stock market has fallen more than 40% in six months from its January 2008 high. $6 billion of foreign funds have flowed out of the country in that period, reacting both to slowdown in economic growth and perceptions that the market was over-valued. It’s high time we recognize the growing significance and visible impact of Entrepreneurship and innovation on wealth-creation and employment-generation in India.
INNOVATON:
Innovation is a process to achieve measurable value enhancement in any commercial activity, through introduction of new or improved goods, services, operational and organizational processes. It is a significant factor in fostering competitiveness, improvement in market share and quality. It reduces costs . Innovation is a key driver of economic growth. It is both creation, commercialization of new knowledge and diffusion and absorption of existing knowledge in new locations. Growth, accompanied by innovations, has been associated with rising living standards and a reduced number of poor people.
India is increasingly becoming a top global innovator for high-tech products and services. Still, the country is under performing compared to its innovation potential which has direct implications for long-term industrial competitiveness and economic growth. About 90 % of Indian workforce is employed in the informal sector. This sector is often characterized by