The Impact of Technological Innovation on Economic Growth in india

Economics

(The Impact of Technological Innovation on Economic Growth in india)

 

Author: – Rohan V. Narwane

Roll No. : – 0222102

Stream: – MMS 1st year (Batch B)

 

ABSTRACT

This research project aimed to investigate the impact of technological innovation on economic growth in India. By analyzing relevant data and applying econometric techniques, the study examined the relationship between technological innovation indicators and key economic indicators such as GDP growth, productivity, and employment. The findings provide valuable insights into the role of technological innovation in driving economic growth in India and have implications for policymakers, businesses, and individuals interested in fostering innovation-led development.

INTRODUCTION

According to a recent report by the World Bank, the Indian economy is set to expand by 8.3 per cent in 2021, 7.5 per cent in 2022 and by 2023, India is expected to grow at 6.5 percent. The economic impact of COVID-19 pandemic in India has been quite disruptive and there has been a setback. The digital era has brought unprecedented change to technology, business, society and the situation have started to break the inertia of digital adoption and cloud will continue to be critical as part of the evolution. Business across verticals has been affected from the global crisis, but there are certain industries which are showing the sign to change the game for the economy in the years to come.

Industries like healthcare and pharmaceuticals, BFSI, e-commerce and retail and manufacturing are early adopters of emerging technologies. Organizations in these industries have reacted to difficulties introduced by the pandemic and are focusing heavily on creating strategies in the new normal to up their game in next five years. The string that ties together in all the four industries is modern technology and cloud plays a role to help all these four industries catapult into a game changer for the Indian economy. New-age technologies will be giving India a chance to carve itself a unique identity as a global hub for cloud solutions.

Industry 4.0, Digital supply chain, digital twins, Digital Assistance etc. are some of the technologies that will help in the economic revival by 2025. Emerging technologies are beginning to enable industries to rebuild India’s economic status in a post Covid world and these industries will be the real game changers in the time to come. Companies related to these verticals are embarking on their journeys and starting from different points to use smarter products, smarter manufacturing and smarter supply chains. The smarter organizations are leveraging the huge potential of emerging technologies to their advantage, and once the economy bounces back, these companies will be one of the frontrunners and will capture a bigger percentage of the market.

Agrees Prasad Rai, Vice President, Global Strategic Clients Group, Oracle India, “With the Indian economic contraction since the last year, the economy is looking forward to revive and many industries in India have shown the potential to be game changers in the nation’s economic development. The role of these game-changing corporations is going to be pivotal for the recovery of the Indian economy post-pandemic. We have seen that through the pandemic, data and analytics became increasingly essential. Industries that had well defined processes based on year of historical data found themselves at a complete loss since that data was no longer relevant when everything changed overnight. They needed to quickly analyze new data and employ artificial-intelligence and machine-learning to “re-learn” what the new normal in customer behavior was. On the contrary, organizations that have invested in digital resources quickly were much more secured and prepared even as the country was hit by a huge second wave.”
Prasad Rai observes that the potential game-changers from sectors like healthcare and pharmaceutical, banking, manufacturing, and retail and e-commerce have progressive technologies like modern cloud, AI, ML, IoT, Blockchain, and big data analytics at the heart of their transformation.

Cloud – the underlying foundation behind the transformation

A common facet of all these game changing industries is their useful adoption of cloud and other new age technologies like AI, ML, blockchain, digital assistants, IoT, and digital twins. Industries that are focused on digital transformations through the implementation of cutting-edge technologies are expected to be the game-changers in their respective sectors and well-prepared to deal with future shocks. “Among technologies, cloud in particular has the potential to allow India to carve itself a distinct identity as a worldwide center for cloud solutions. Cloud computing has encouraged flexibility and growth, reduced operating costs, and made operations for employers and customers simpler and more seamless. The advent of futuristic and data-driven technologies has essentially helped corporations to cut down on manual time-consuming operations allowing them to focus on higher value-added tasks,” states Prasad Rai.

The potential for transformation is huge, as the cloud allows companies to go beyond what was possible earlier. Take a sector like healthcare, which has been at the center of the fight against the pandemic. This sector can benefit heavily from a proactive technology-led approach. States Veneeth Purushotaman- Group CIO, Aster DM Healthcare Limited, “The pandemic has acted as a catalyst to increase the adoption of technology in healthcare. While tech had gained momentum in pre-COVID times, but the industry now has a clear case to speed up adoption. We at Aster DM are working towards providing accessibility and affordability of healthcare across geographies, through effective and smart use of technology. For example, there are case studies about how Robotics and Machine Learning are being used along with IOT/IOMT to deliver prompt remote care to elderly and chronic patients. In the time to come, smart use of Artificial Intelligence is bound to help in improving overall patient experience while reducing the load on clinicians. In India, Tele-Health and Remote-Health have helped healthcare providers reach the interiors of India and manage services at a fraction of cost.” The benefits of remote healthcare are huge, as it allows a larger percentage of India’s population to avail of the best healthcare facilities from any location. Aster DM has been investing in AI and ML-powered technologies like Oracle Fusion Cloud HCM and Oracle Fusion Cloud ERP to streamline its processes.

Sectors like manufacturing which are central to India’s economy also need to invest more in emerging technologies to boost their competitiveness. “The manufacturing segment needs to be a torchbearer for India’s economic revival. However, to compete on a global scale, we need to bring higher efficiencies in the manufacturing process and the way we do business. I think digital technology is going to play a key role in this transformation. At Apollo Tyres, we are already witnessing the increased pace of digitalisation, along with technology adoption including AI and Internet of Things (IoT). This is expediting the transformation and bringing in higher productivity for employees and enabling us to create better customer experiences,” states Hizmy Hassen, Chief Digital Officer, Apollo Tyres.

Dr Arun Singh, Chief Economist- Dun & Bradstreet states that

 “Industry 4.0 is gaining popularity due to rapid improvements made in the cyber-computing capabilities in the last few decades. The gap between the virtual and the real world has narrowed by advanced technologies like Artificial Intelligence (AI), Internet of Things (IoT) and others so as to create an interoperable platform between Information Technology (IT) and actual physical operations. Industry 4.0 is already influencing sectors like manufacturing, supply chain management, construction, shipping etc. and shall impact all the aspects of our day-to-day activities. It is truly considered to be a disruptive technology. In India, the Indian government has long enabled the policy framework with schemes like ‘Atma Nirbhar Bharat’, ‘Make in India’ initiative and others specifically targeted at smart manufacturing. These schemes have done wonders and are expected to support Indian industries in the time to come. Digitization and Industry 4.0 has fast forwarded industries by 10 years, and this is going to be a cause of why India’s sees tremendous economic growth in the time to come.”

Traditionally, sectors such as BFSI which have been at the forefront of digital transformation, are expected to keep on raise the bar for technology innovations. States Anjana Rao, Chief Strategy Officer, IndiaFirst Life Insurance, “In these unprecedented times, customers have seamlessly adopted digital enablers, as an integral part of their routine. New and emerging technologies are empowering insurance companies to personalize their product and service offerings for their customers across the value chain. Technology adoption is inevitable. It can streamline the sector and integrate back-end with front facing customer processes to create a unified, insights driven IT system. As the administration focuses on privatization and more private players enter the market, even more digitalization is expected to spur the sector’s growth dramatically, in the coming years”

This is also true for a sector like e-commerce, which has seen exponential growth in the past one year. Due to the COVID-19 situation, there has been a spurt in online demand. “We are seeing a huge shift in consumer preferences. Over the past year consumers have experienced a simplified way of retail in the form of e-commerce and this is expected to shape their future preferences too. In a nutshell, given India’s massive population and huge consumer market size, the e-commerce and retail sector have tremendous market space to grow that will be explored in the coming years completely transforming the retail industry of India and support in reviving the economy,” opines Bharath Reddy, Vice President IT – Flipkart Group.

The companies that have invested in emerging technologies will be better placed to lead the future. “The advent of futuristic and data-driven technologies has essentially helped corporations to cut down on manual time-consuming operations allowing them to focus on higher value-added tasks. Hence, industries that have invested in new-age technologies like automation and digital supply chain, and digital assistance are better placed in the market and are shaping the future path of their verticals,” says Prasad Rai.

An effect of Technology on the Indian Economy!!

India has been successful in creating a large ecosystem of Science, Technology, and Innovation (STI) since its independence in 1947. Various public and private businesses, educational institutes, and human resources contribute to the STI ecosystem. India has over 1,000 colleges, 240 research and development centers, and over 4,00,000 science workers. Our science and policy ecosystem has benefited some of the world’s greatest scientists, technologists, and businesses. This has been made possible by the national and state governments’ implementation of strong policies over time. The goal to make India technologically advanced, was conceived out of the acknowledgment that the formation of a welfare state was just possible through interests in science and innovation. Science and Technology would along these lines go about as an instrument of financial growth. Interest in science and technology was needed as it would diminish the problem of the over-utilization of raw materials and capital. It would likewise reduce the gap among India and the developed nations.

Four major policies were implemented since independence to solidify the motion towards advancement:

  • Scientific Policy Resolution (SPR 1958)
  • Technology Policy Statement 1983 (TSP 1983)
  • Science and Technology Policy 2003 (STP 2003)
  • Science, Technology and Innovation Policy 2013

Science and technology have begun to have a far-reaching impact on economic growth and social development. The policies were implemented by the Government of India in order to keep up with science and technology, to remain ahead of competition in the current globalization era, and to achieve our fundamental goal of effective and sustainable development. However, with advent of new technologies, newer concerns about cyber security, ethics, privacy, and unfairness have surfaced.

 

Technology’s effect on market:

Technology is widely acknowledged in economics as the primary catalyst for economic growth in countries. Technological advancement helps to optimize supply of goods and services qualitatively and quantitively, which is essential for prosperity. The market sure has grown since digitization and technical advancements started to influence the production, which in turn impacted supply of commodities and services. With more specific job created diffusion of skilled labour, it has sure affected the lives of common people in both, positive and negative manner. On the positive side, Technology is having a significant impact on the economy.

  • Labour demand is transitioning away from regular low- to middle-level skills and toward higher-level, hence to more sophisticated analytical, technical, and management abilities as a result of automation and digital improvements. This motivates the common man to learn new skills and stay updated with the world.
  • It has made transportation of goods and raw materials easy. Cheaper and flexible transportation system has lessened geographical constraints on availability of services and goods.
  • Since many services are inexpensive to transport internationally, large service companies have merged into giant companies and enjoy trade policy opportunities like trade and entry barriers to their home markets.
  • Technology has allowed companies and users to undertake a wider set of customer data, or services without extravagant costs.
  • In research and development of new medicines, diagnosis, or equipment in general used in all fields, technology played a major role to resolve some of the biggest problems using models and networks.
  • The impact of technology perhaps is significant on international trade. It permits the providers of services and goods to coordinate design and raw materials to minimize costs. Storage of goods like high-volatile chemicals, coal, oil and advanced technology has led to growth of construction and engineering in both, the seller and the buyer companies.
  • Negatively, Firms at the technological frontier have harvested significant useful gains, however, the new advancements would in general create winners-take-most results. Predominant firms have procured more market power, market structures have become less competitive, and business dynamism has declined.
  • A negative part of technical change is its effect on income distribution. Labourers who are dislodged by technological advances might think that it is hard to become re-utilized as new positions require progressed abilities they don’t have.

Innovation impacts the quantity of occupations expected to deliver labour and products. This will bring about positions getting more automated and working-class occupations will be lost, resulting in the gap between those who are well off and the less wealthy widening. Yet, notwithstanding contributing 9.3% of the nation’s GDP, as indicated by NASSCOM, the IT business just utilizes 3.7 million of the nation’s roughly half a billion working adults. World Bank information gauges 69% of the present positions in India are undermined via robotization.[1] India is now attempting to create job opportunities in the midst of quick development. The proportion of working-age population in India as of 2020 is 67.3 percent of the total population [2], however the number of employed people just rose by 37.6% by July 2020 [3].

All things considered, robots replacing jobs in mass numbers is unreasonable in the medium term in India or elsewhere, yet the impacts are as of now being felt. Last September, Indian textiles giant Raymond said it would replace 10,000 jobs with robots over the next three years. However, the elite class is definitely benefitting from this transition. With secured jobs and booming businesses, automation is an imperative to improve competitiveness, quality and efficiency. For Businessmen, automation means “one-time investment but long-term increased productivity and efficiency”. Increasing industrial productivity through automation may reduce job opportunities, while business owners argue that that it’s the only way to stay in global competition. Rural Indians go to cities in search of higher income, but they rarely stay long due to demanding targets, poor wages, and higher costs of living. Robots, on the other hand, don’t relate to these problems.

Look at unemployment rate in December 2020:

Role of Emerging Technologies

The cloud services market’s growth in India is driven by the increasing adoption of big data, Artificial Intelligence (AI), and the Internet of Things (IoT). IoT connects multiple devices or appliances that need to be connected to the internet, including automation and real-time device control. IoT connected devices such as household appliances, connected cars, and electronics use a cloud-based backend to communicate and store information. AI Technology is being embedded into IT infrastructure to streamline workloads and automate repetitive tasks. Companies use cloud infrastructure to collect, store, process, and analyze the bulk of data required for AI tools and applications. The surging adoption of Big Data in India is also leading to the growth of the cloud services market as cloud infrastructure allows for real-time processing of Big Data.

  • Cloud Services – Indian public cloud services spending is expected to grow at a CAGR of 29%, from INR 384 Bn. in 2020 to INR 1,103.4 Bn. in 2025
  • IoT – The IoT market was estimated at USD 9 Bn. in FY20 (as per projections made in 2016)
  • Big Data and Business Analytics – Big Data and business analytics revenue were estimated to be valued at USD 4 billion in 2019, up from USD 2 billion in 2016, with growth at a CAGR of 25%. The growth, driven primarily by IT/ITes, has increased the demand for data storage space (Data Centers)

Besides the growth of these technology markets, the Government of India is also looking to invest INR 3660 crore in establishing an Emerging Technology Innovation Hub.

Factors Impacting Growth of Emerging Technologies

  1. Increase in wireless data subscribers – India’s total number of wireless subscribers has been an overall increase. We have witnessed a significant increase in the proportion of wireless data subscribers concerning the total number of wireless subscribers. The cloud services market in India was undergoing a cloud transition phase, which got accelerated by the perpetuation of COVID-19 in 2020. During the first quarter of 2020, enterprises’ spending on cloud infrastructure increased by ~35%, compared to the fourth quarter of 2019. The adoption of “Work from Home” shift from office set-ups to virtual work generated the urgent need for secure, reliable, scalable, and cost-effective technology services across the country. SaaS has been a huge support for the sudden increase in the mobile workforce in 2020. The Indian cloud infrastructure witnessed a y-o-y growth of around 15% by the end of 2020.
  2. Increased mobile and internet penetration – On average, Indians used 13.5 GB of data per month in December 2020, owing to an increase in data subscribers and consumption of mobile-video content.  The data consumption is expected to double to 25 GB per month per user by 2025, fueled by the introduction and adoption of 5G, change in working patterns, augmented consumption of mobile-video content led by COVID-19, and affordable pricing. It is also expected that mobile data traffic per month will grow at a CAGR of 23%, from 4.6 exabytes in 2018 to 16 exabytes in 2024.
  3. Fast growing OTT market – India is currently amongst the world’s fastest-growing OTT (over-the-top streaming) markets. The high growth of OTT in rural markets is also expected to increase.

Overview of Indian IT/ITES Sector

One of the predominant factors that have resulted in the increasing value contributed by the services sector to the GDP is the IT/ITes sector, which is valued at USD 45 billion (domestic revenue) and USD 150 billion (export revenue) end of Fiscal 2021. As of 2020, India’s IT workforce accounts for 4.36 million employees. It is further expected that IT spending in India could reach USD 93 billion in 2021 (7.3% growth year on year) and further increase to USD 98.5 billion in 2022, driven by rapid digitization and the IT industry’s timely move to remote working environments. This helped them to keep up the industry’s growth amid the COVID-19 pandemic. It is forecasted that the contribution of the IT industry to India’s GDP will reach 10% by Fiscal 2025. India is one of the largest data generators currently, with a growing young and tech-savvy population. Digital consumption data in India was around 40,000 Petabytes in 2010; it has likely shot up to 2.3 million Petabytes towards the end of 2020, which is twice the global rate, as per a report by ASSOCHAM.

IT Industry Driving India’s Economic Growth

In 2020, India ranked 63rd among 190 economies in terms of ease of doing business, ascending 76 positions from its all-time low position of 139 in 2010. India is one of the top offshoring destinations for IT companies worldwide. In FY’2021, India was the 5th highest FDI recipient nation, up from the 8th position in FY’19. Some of the key growth drivers of the IT industry in India are – low cost of operations, supportive govt. policies, availability of skilled workforce, surging demand for IT-related technologies like Cloud Computing, Digital Payments, IoT, developments in Telecom and BFSI, etc. and export demand growth.

 

The role of cloud and data center Industry

In July 2015, the Government of India flagged off the ‘Digital India Program,’ with a vision of propelling the efforts to transform India into a digitally empowered society and knowledge economy. Further, it was envisaged that the digital ecosystem could generate an economic value of USD 1 trillion, which would play a crucial role in achieving the USD 5 trillion economy target by 2025. As part of the program, the Government identified 30 digital themes across different sectors such as agriculture, healthcare, education, energy, digital payments, etc. This relies on a 21st century IT/ITES, highlighting opportunities for increased adoption of digital technologies.

The wave of IT adoption led by Cloud Computing has allowed firms to transform the backend operations, resulting in an enhanced value proposition for the customers. Cloud service gives companies of any size access to technological capabilities previously accessible to large enterprises only. In India, the industry has gained momentum with more than 200 Data Centers and more than 10 Cloud operators, targeting an industry market size of USD 3.8 billion in Fiscal 2020.

Unlocking potential: India and its innovation journey

Innovation has been embedded in the development of humankind since its inception. It has helped guide a new world order rooted in scientific and technological excellence and paved the way for the kind of discoveries believed to be unachievable a few years back. From the discovery of fire to the progress that we have made to develop vaccines in record times, innovation has helped to overcome the challenges faced by humanity. Even during the Covid-19 pandemic, the world started to explore newer options in terms of procuring goods and services – from groceries to education and insurance.

In this backdrop, India has seen considerable progress in recent times where technology or innovation hubs like Bangalore, Mumbai, Delhi, and Chandigarh, among others have helped enhance this new trade by showing commendable efforts in sectors like pharma, automobile, and education, to name a few. This progress has resulted from public-private partnerships, academic collaborations, and foreign capital, to mention a few, enabling India to register higher growth and emerge on top in sectors like pharmaceuticals and telecommunications.

 

According to the Ministry of Commerce and Industry – being at the 3rd spot in terms of volume and 14th in terms of value – the Indian pharmaceuticals market is projected to reach USD 120-130 billion by 2030, from USD 42 billion in 2021. Moreover, India also took over the UK to climb to 3rd spot in terms of total unicorns in a country after US and China, taking its total unicorn numbers past 100. Not just pharma, India has lately witnessed the rise of its Edtech sector, which is expected to grow to USD 4 billion from the current USD 750 million, according to the India Brand Equity Foundation (IBEF). All this has been possible with the relentless efforts at the government, business, or individual level to find simple and innovative solutions to cater for the rising needs and demands of the people. But has India done enough to be called the ‘innovation hub’ of the world? We try to find this by looking at some numbers.

While India has made considerable progress in terms of start-ups and producing unicorns, Ministry of Science and Technology data shows that the gross expenditure on R&D (GERD) has been a meagre 0.7% of its GDP with its GERD per capita being about 43 (in current PPP $). This is lower than its counterparts like Brazil, Russia, South Africa, and China, who spend about 1.16, 0.98, 0.83 and 2.14 per cent of their GDP on R&D respectively, with others like US and Germany spending around 3 per cent respectively.

For India to boost its innovation culture, this percentage needs to increase. Moreover, the sectoral composition of the GERD shows a bias towards the government sector, i.e., the bulk of the expenditure on R&D (more than half) is undertaken by the government sector, with other sectors lagging. This is in contrast to its counterparts like the US, UK, South Korea, and Japan, where business enterprises do the bulk of the R&D expenditure. This is complemented by the fact that about 35% of this expenditure gets soaked up by just two sectors – health and defence – where other sectors like transport, education, environment, etc., lagged. Spending on health and defence is crucial, but for holistic development, the focus must also be on other sectors. Lastly, it can be observed that cities largely drive innovation, with Bangalore, Delhi, Chandigarh, Mumbai, and Chennai, among others driving innovation, with other regions taking a back seat. This creates regional disparities, with the already developed cities reaping the maximum benefits of innovation.

Thus, the road to innovation needs to be traversed to take care of the disparities highlighted above. This may pertain to increasing the current GERD as a percentage of GDP to at least 2% along with enhancing its composition, wherein other sectors are also given their due importance. As for the innovation being driven by the cities, there lies an enormous scope for its proliferation in the rest of the country. With cities creating a conducive environment to foster and promote innovation through education, availability of a skilled workforce and greater financial penetration, the need now is to ensure that these advantages are not concentrated in some cities. India, with its demographic advantages, has a vast potential to channel its energy into bringing about new developments to a wide array of goods and services. This would enable innovation to proliferate to other regions and help India to be the ‘innovation hub’ of the world.

Innovation and Entrepreneurship for Sustainable Growth

Ramanan, Naman Agrawal and Himanshu Agrawal says:

Promoting Entrepreneurship and Startups will ensure an unprecedented wave of long-deserved growth, prosperity and wellbeing that can serve the interests of the rest of the world as well as the spirit of New India. Creating a nation of job-creators and not just job-seekers is important for sustainable growth. And central to this, is the need for extensive collaboration between corporate industry, academia, and governments at the village, district, state and central levels.

India, over the centuries, has never had a dearth of great thinkers, scientists, engineers, doctors, innovators, philosophers, artists. Indian intellectual, engineering, artistic capabilities are second to none with some of the greatest scientists, mathematicians and engineers in the world like former President Abdul Kalam, S. Ramanujan, Sir C.V. Raman and Dr. Vikram Sarabhai coming from various regions of India. Our philosophy, culture, fine arts, temples and sculptures also bear testimony of the same.

However, what has been lacking is a holistic innovation and entrepreneurial ecosystem that stimulates, enables and supports Inspiration, Imagination and Innovation in our schools, universities, industries across the length and breadth of the nation. Whenever Indians go abroad they excel and reach the highest levels of eminence and achievements, be it in technology, business, academia, and even governments. Many Indians are leading innovations in some of the largest and most innovative tech, medical, financial companies of the world including Google, Microso, IBM, Adobe. Access to an innovative ecosystem in these developed countries has allowed many Indians to realise their aspirations, convert their dreams into realities, and helped them blossom to their full creative potential.

 

With over 1.4 million schools, approximately 10500 engineering and related institutions, approximately 39000 colleges, a demographic dividend that is the envy of many a country and a fast-growing economy; the imperative in India is therefore to ensure that an estimated 150 million youth of India entering the workforce over the next few years can realise their true potential through access to a world-class innovation and entrepreneurial ecosystem, leveraging rapidly advancing, accessible, affordable technologies transforming the world we live in and enabling an incredible set of opportunities for innovation and new job creation.

Revolutionary technological advancements are indeed transforming the world giving rise to new technology and business innovations at a dizzying pace. Electronics miniaturisation has enabled a computer the size of a room to fit our pockets aided by the convergence of computing, storage and communications at incredibly lower costs. Robotics and Artificial intelligence are driving next-generation productivity and automation. 3D printers are making real-time conceptualisation, design, prototyping and manufacturing at an SME level a reality. IoT or the Internet of things are connecting sensor technologies to mobile and satellite Technologies in every Industry from enabling precision agriculture, healthcare, water cleansing and conservation, climate change controls, disaster prediction and management, driverless cars and space shuttles. Big Data and analytics and Artificial Intelligence are enabling complex decision-making through advanced easy to use tools. India is a country of a billion people with thousands of challenges, which are also thousands of opportunities for innovative entrepreneurial startups to succeed with possible global impact.

 

CONCLUSIONS:

In conclusion, this research underscores the critical role of technological innovation in driving economic growth in India. By recognizing the positive relationship between innovation and key economic indicators, policymakers, businesses, and individuals can prioritize and invest in fostering a vibrant innovation ecosystem. Nurturing innovation-led growth will be vital for India’s long-term economic development, competitiveness, and sustainable future.

REFERENCES:

An effect of Technology on the Indian Economy!!

How technology is playing a big role in reviving India’s economy

https://www.cioandleader.com/article/2021/12/02/how-emerging-technologies-have-fueled-growth-indian-economy

Amit Kapoor is chair, Institute for Competitiveness; visiting scholar and lecturer, Stanford University. Rishi Jain is Researcher, Institute for Competitiveness, India.

https://economictimes.indiatimes.com/news/economy/policy/unlocking-potential-india-and-its-innovation-journey/articleshow/92420931.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

The authors are R. Ramanan, Addional Secretary and Mission Director (AIM), NITI Aayog, Naman Agrawal, Senior Associate, NITI Aayog and Himanshu Agrawal, Young Professional, NITI Aayog. Views expressed are personal.

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Dholakia, R.H., & Dholakia, N. (2017). Role of innovation in Indian economic growth: A review. Journal of Innovation and Entrepreneurship, 6(1), 1-23.

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Rastogi, A., Goyal, D., & Goyal, R. (2020). Impact of innovation on economic growth in India: Evidence from ARDL approach. Journal of Economic Structures, 9(1), 1-20.

 

 

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