Boosting Innovation in India: A Policy Framework

Abstract

Innovation and entrepreneurship are becoming increasingly important in the global economy, as emerging technologies like artificial intelligence and machine learning drive the production landscape. This paper proposes a policy framework to expand India's innovation and entrepreneurship horizons, with the goal of establishing the nation as a global research and development (R&D) powerhouse. India has made significant progress in recent years, ranking in the top 40 innovative countries for the first time in 2022. However, there are still significant impediments to innovation and entrepreneurship in India, including deficiencies in education and research, inadequate research infrastructure, burdensome regulations, and a lack of synergized approach. This paper presents a comprehensive approach encompassing improvements in research infrastructure development, regulatory reforms, fostering collaboration between industry and academia, and strong support for startups and small businesses to promote innovation and entrepreneurship in India. By implementing these measures, India can unlock its latent potential, address local challenges, pioneer cutting-edge technologies, and actively contribute to the global knowledge economy.