INNOVATION AND ECONOMIC GROWTH: A CASE OF INDIA
Innovation is often seen as one of a driving force for a sustainable long-term economic growth of any country. Indian economy is one of the fastest growing economies in this modern globalization world. Indian economy is enjoying the average economic growth of 7% from last two decades but is this economic growth sustainable or only some short-term phenomena because of increasing consumer market and increasing information sector. To achieve long-term sustainable growth Innovation is very important. The purpose of this paper is to discover the role of innovation in the economic growth of India.
This paper defines innovation that includes both production of innovative goods and services, and the innovative process of producing goods and services. World Bank’s data bank is the primary source of this study. Time series data has been used to study the variables. In this study to understand the economic growth, GDP growth Rate, GDP per capita growth Rate, and for Innovation R&D Expenditure, Education Spending rate, and Patent applications variables have been used.
According to the result as Indian economy will grow economic it will decrease the R&D Exp, it will decrease the education spending, it will decrease the FDI, and it will also decrease the no of patent applications filed in India. This negative correlation raises the questions to the policy maker. These questions also open the door of future research in this field.
SOCIAL/ PHYSICAL IMPLICATIONS OF STUDY
This study can provide some insights to the policy makers that can be helpful for the society in terms of efficient use of our resources.
ORIGINALITY OF STUDYThis study is an original research
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