Innovation Management for Inclusive Growth in India

Jessica Mary ()
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Jessica Mary: School of Management Studies, University of Hyderabad, Hyderabad, INDIA

Advances In Management, 2012, vol. 5, issue 8

Abstract: The world is advancing towards globalization of markets and homogenization of products and services. The 21st Century and the new millennium have ushered in high hopes and immense opportunities and also came with its bowlful of problems. India too experienced vigorous growth with strong macro-economic fundamentals with sharp increase in savings and investment rate. Despite all the problems and struggles on the political and economic front, the Indian Economy has recorded an impressive growth rate of 5.7 per cent per annum on an average for more than 2 decades. In the post reform period, the economy has shown a secular growth path of more than 6 per cent. The economy was estimated to grow by 8.5 per cent, though toned down more due to extraneous than fundamental factors to 7.7 per cent is still good enough. Industry and service sector maintained their vigorous growth performance, particularly in manufacturing sector which recorded growth of 11per cent. India has the potential to deliver the fastest growth over the next 50 years. Those fifty golden years are not over yet. There is yet the growth story alive and we can be pursued. However, we cannot, at the same time forget the 220 million people left out of the train, farmers committing suicide, a quarter of the population still illiterate, urban poverty and infrastructural problems.

Date: 2012
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