India is increasingly becoming a top global innovator for high tech products and services; still the country is underperforming relatively to its innovation potential-With direct implications for long term industrial competitiveness and economic growth. About 90 percent of Indian workers are employed in the informal sector and this sector is characterized by underemployment, as well as low productivity and low skill activities. To sustain rapid growth and help alleviate poverty, India needs to be aggressively harness it innovation potential, relying on innovation-led, rapid, and inclusive growth to achieve economic and social transformation. India is one of the fastest emerging economies in the world and bound to achieve millennium Development Goals in 2015, but only with the help of innovative ideas. It is already proved that all the Development Goals will not be achieved fully, but some Goals may be achieved only with the help of better thinking and information. Falling international crude prices from 110 dollars per barrel to 50 dollars provides an opportunity to Indian economy to progress who literally import 75 percent of its total demand for crude. According to the world bank and IMF Indian GDP will be encouraged by.5 to 1 percent with every ten percent fall in the crude prices.
Innovator, Millennium Development Goals, competitiveness, Emerging Economies
