Abstract:

This research focuses on innovation capability and looks into how it has become a critical driving force for economic progress. Innovation is frequently viewed as one among the driving forces behind any country's long-term economic prosperity Innovation is critical to achieving long-term, sustainable growth. The main objective of this article is to look into the impact of innovation in India's economic development and compare it with nations like South Korea, Finland and Japan on selected innovation parameters to see India’s readiness towards knowledge-based economy. These countries' governments must play a big role in reforming the innovation system to make it more adaptable to economic development, with a focus on R&D. The term "innovation" is used in this study to refer to both the production of new goods and services as well as the inventive process of creating goods and services. This study's primary source is the World Bank's data bank. The variables were studied using time series data. Research and Development expenditure, Researchers per 1000, FDI Outflow, FDI Inflow are the key variables employed in this study to interpret economic growth.

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