Are innovations on the rise in India since the onset of reforms of 1991? Analysis of its evidence and some disquieting features

There is a general feeling among both the academic and business communities across the world that the India is becoming an important location for the release of a number of innovations. In the context, the paper systematically puts together the empirical evidence on whether this is indeed the case since the reform process of 1991. The ensuing analysis shows that the growth in innovations is not widespread but concentrated in certain specific sectoral systems of innovation such as in the case of the pharmaceutical industry. Also most of the recent innovative activities could be traced to foreign companies operating from the country.