Innovativeness as the determinant of the economic development in India. Indian economy in comparison with the world innovation leaders

The advancing globalization processes, the take-up on the strength of competition, or the ever-changing needs of the people are forcing economies and the functioning of these entities, constantly being innovative. Innovation is a kind of “an idea for a better tomorrow”, which can help you to persevere in this turbulent environment, and not “innovate, that is, to die” (Freeman, 1973). It is obvious, that aspect of innovations already tested since time immemorial, but innovation economy of India, which until a few years ago, grew at the fastest pace in the world, seems to be a worthy area to study. The purpose of the present discourse is an attempt to present the role of innovations in one of the fastest developing economies – Indian economy, as well as elaboration on the aspects of its innovativeness compared with the group of most innovative, competitive and well developed economies in the world. literature analysis, data analysis, statistical analysis of the data source, Pearson's correlation coefficient. The Indian economy is one of the most innovative in BRICS group. India is aware of the role of innovation in economic development, which confirms, among other things the fact that many institutions and government action is aimed at supporting innovative activity in the country (for example DRDO, ISRO, IIP, FICCI, or NIF and C-DAC). In the state of changing customers’ expectations, modern technologies successfully develop not only in the Europe, United States or Japan. To the circle of innovative tycoons candidate also India where in the recent years, economic development is significantly dynamic. Modern technologies in India are considered better. Innovations constitute important area of Indian economy and decisive solutions and interesting methods can be interesting for the European entrepreneurs. After the crisis, the situation of Europe will be more complicated. It is widely known that dynamically developing world will decide on the developing economies. It means that they will need more raw materials for the fulfilment of the growing appetite and huge innovation pressure for the search of adequate solutions for rich and still averagely poor markets. Therefore, not only tablets for 35 USD appear but also new energetic technologies. The Indian innovativeness is giving this to world. India as a country struggling economic crisis and the actions taken in connection with the chance which brings with it innovation, can serve as a worthy model to follow. Courageous, but - it seems - be a matching statement might be: “... you do not have sufficient funds to purchase the newest Ipod, try to create their own, much cheaper ... you will certainly find interest among potential customers ...”

Joanna Prystorm, 2017. "Innovativeness as the determinant of the economic development in India. Indian economy in comparison with the world innovation leaders," Working Papers 95/2017, Institute of Economic Research, revised May 2017.

Handle: RePEc:pes:wpaper:2017:no95

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