India needs to re-ignite innovation to scale new heights in manufacturing

India, with its distinctive demographic dividend, enormous market potential and rising disposable income, is on its way to becoming a major economic force in the world. However, this would definitely be a formidable task and would call for proactive actions as the competition from its regional counterparts, especially countries like Bangladesh, Sri Lanka and Pakistan, is ever increasing. Over the past three-four decades, India has fared reasonably well in areas like information and technology, power, urbanisation, education, agriculture and defence. Yet, one element that is conspicuous by its absence in these domains is innovation.

According to the latest Global Innovation Index