According to the latest Global Innovation Index (GII), India currently holds the 40th position among 132 economies, signifying a significant rise from its 81st rank in 2015, indicating a positive trajectory in innovation with a growing startup culture and increased investments in research and development across sectors like IT, biotechnology, and renewable energy; however, challenges remain regarding the commercialization of patents and fully realizing India’s innovation. Key points about India’s innovation status:Improved Global Ranking, Government Initiatives,Policies like “Digital India,” “Startup India,” and increased funding for research through the Anusandhan National Research Fund have fostered innovation. Recent stride in Patent Filings. India has witnessed a significant rise in patent filings, with a record number of patents filed in 2023. Key performing sectors who have shown good degree of innovation are Information technology, biotechnology, and renewable energy are considered leading sectors for innovation in India. But Challenges to consider like Commercialization Gap. Despite high patent filings, the process of converting patents into commercially viable products remains a challenge. IP Ecosystem Development further strengthening of the intellectual property rights ecosystem is needed to fully support innovation. Skill Development is another challenging area. Addressing the need for skilled workforce in emerging technologies like AI and Industry 4.0 is crucial. India’s Impressive Leap in the Global Innovation Index 2024 is a testament to the Nation’s Growing Innovation Ecosystem. But still long miles to go to make Indian Industries more knowledge worthy and empowered to contribute towards mission of India becoming 5 trillion economy. 

Inadequate R&D Spending area of utmost attention for CPFIB. India’s R&D expenditure as a percentage of GDP stands at a mere 0.65%, significantly lower than countries like South Korea (4.8%) and China (2.4%). This under investment is particularly acute in the private sector. The Private sector’s contribution to R&D in India is at 36.4% of the country’s gross expenditure on R&D (GERD), whereas China and the US have contributions of 77% and 75%, respectively., compared to 70-80% in developed economies. CPFIB (Chamber for Promotion and Facilitation of Innovative Business) is working with Indian Corporates to facilitate and fund new standups  Indian companies in their R&D areas in all innovative sectors  and mutually reap benefits. Skills mismatch is particularly acute in areas like AI, data science, and IoT. Additionally, brain drain continues to be a challenge. Therefore CPFIB is aiming at cluster approach to make easily accessible and affordabe experts for MSMEs skilling in above areas and other skilling areas like digital marketing and Shop floor expertise.

Finding newer markets overseas to promote and sell their products for Indian Companies is highest priority of CPFIB. CPFIB will be expert driven Chamber of Commerce to facilitate economical and affordable expert opinion and services for MSMEs and Indian Companies.CPFIB is striving towards structured system for identifying and supporting the most promising MSMEs. Wishing Indian Industry all success and cheer is our last goal to achieve.

Micro-, small, and medium-size enterprises (MSMEs) are the lifeblood of economies around the world. They account for more than 90 percent of all businesses, roughly half of value added, and more than two-thirds of business employment. In Portugal, Israel, Indonesia, Italy, and Kenya (ordered by decreasing share of value added), the share is larger than 60 percent. In the United States, Nigeria, and India, it is less than 40 percent. CPFIB believes only by studying MSMEs in India at the fine-grained level we can understand where and why opportunities exist and plot a path toward higher productivity for all. After all, MSMEs are immensely varied. About one in five large companies scaled up from being MSMEs since but there is variation among countries. In India, only about 10 percent of large companies in 2022 were MSMEs at some point after 2000. Indeed, previous MGI research found that India has a “missing middle” of mid-size companies. MSMEs have faced structural barriers, such as the high cost of compliance and finance, that have tended to constrain their growth. CPFIB is already working in areas of compliances and finances to make it more affordable and economical to MSMEs.