Innovation is the process of doing things far more efficiently than the existing methods resulting in transformational progress. Innovation can be related to a product, process or social phenomenon. It is only through innovation that we can bring about such avant-garde transformation.
Innovation reformulates conventional economic theory in such a way that knowledge, technology, entrepreneurship, and innovation are positioned at the centre of this emerging model. As the developed countries have already achieved inclusive economic growth by implementing the above model, the still developing countries have the advantage of being the beneficiary of diffusion — a process of adoption and absorption. Innovation is essential for sustainable growth and economic development. Several core conditions enable innovation and encourage economic growth. In the modern economy, innovation is crucial for value creation, growth and employment and innovation processes take place at the enterprise, regional and national level. Innovation will lead to new businesses as well as to the increased competitiveness of existing enterprises.
Innovation is rampant in social welfare as well. It can be seen by industrialist working for the benefit people in various ways. For example , the Anand Co-operative Dairy model ushered in the white revolution in India. The establishment of SEWA in 1972 resulted in Self-Help Groups transforming how financing is done resulting in growth of micro-finance. These innovations changed the lives of millions of people in abject poverty. They were new solutions to social challenges that results in economic and social justice as well as empowerment.
Therefore , innovation in India will thus guarantee faster, inclusive, sustainable growth and development if done within a specific framework and reasonable time.
Comments
write a comment