For example, companies such as GE and IBM have taken advantage of India’s knowledge repositories by forging alliances with leading national laboratories and technology institutions, while many Indian companies have yet to grab these valuable opportunities.

It is a matter of time before innovations will begin to visibly improve the agricultural and rural sectors. We have seen some beginnings with the emergence of modern supply chains by the new organised sector retailers. In contrast, the innovations in cash crops, such as flowers, spices and fruits, have advanced much more rapidly. But all this still is the tip of the iceberg of opportunities, compared to what is happening in the Indian manufacturing sector.

Indians and India today have begun to be globally recognised for their innate abilities to innovate. It is a matter of time when the country will be recognised among the global leaders in innovation.

The author is member, National Knowledge Commission and co-author of its recent report, Innovation in India