Innovation for the sake of it could probably be an interesting intellectual exercise, but it’s really when innovation meets strong market demand that the magic happens. Sometimes, the impact can be spectacular, at a billion-people scale, like India’s Unified Payments Interface (UPI).
From a headlines perspective, over the last several years, the government’s efforts have indeed raised the profile of technology-led startups—as a proxy for innovation—in the country. A Union minister pointed out last September that India’s rank on the global innovation index, compiled every year by the World Intellectual Property Organization (WIPO), a United Nations agency, has jumped 41 places from 81 to 40 between 2015 and 2022.
India is today, genuinely a global startup hub and destination for tens of billions of dollars of venture money.
(This story appears in the 24 February, 2023 issue of Forbes India. To visit our Archives, click here.)