New Delhi, Nov 3 (IANS): Entrepreneurship and innovation are intrinsically linked with growth and development of any economy. Newer ways of competing define not just innovation but are also intrinsic to the very idea of capitalism. India of late is realizing this paradigm of innovation. How real is it? There are several organizations (the likes of ISRO, DRDO, various CSIR labs, L&T) that are engaged in and are doing path-breaking work. These are in several areas like space science (the Mangalyaan mission which has been described by China as the Pride of Asia) amd technological innovations (weapon systems co-developed by L&T and Indian Navy). A grassroots innovation movement has also taken strong shape in India. Newer frameworks like ‘jugaad innovation’ have become buzzwords. There is also a paradigm of ‘Reverse Innovation’ in which companies are innovating in India or a developing world context and once the innovation has taken proper shape, introducing it to the developed market.
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