Page 11 - IMDR JOURNAL 2020-21

IMDR’s Journal of Management Development and Research 2020-21

Ease of Doing Business 2020: India’s improvement In recent turn of events, the Cornell School
of Business, in collaboration with INSEAD and
“Make in India” campaign initiated by Prime World International Patent Organization (WIPO),
Minister, Narendra Modi focused on alluring announced the Global Innovation Index for 2020
investments from foreign countries which in- (GII-2020). It presented the annual innovation
turn would bolster the private sector (especially ranking of 131 countries in which, India ranked 48
manufacturing) and enhance India’s overall market from 81 in 2015.
competitiveness.
In 2015, the Government held a vision of entering The GII ranking indicates the innovation
the top 50 economies on the ‘Ease of Doing capability of a nation. The leaders in Innovation
Business’ ranking by 2020. Narendra Modi headed often have a balance among the different areas of
the administration, targeted all the areas measured their innovation system, like knowledge creation,
by Doing Business, and emphasized on paying exploration, application and impact of innovation.
taxes, international trading, and resolving insolvency The GII report gives valuable insight into a nation’s
to make an upward leap. The reforms by the Central innovation strategy based on various innovation
Government raised India’s Ease of Doing Business indicators. For example, our research output has
ranking from 130 in 2016 to 63 in 2020. increased substantially; India is now ranked 3rd in
India has witnessed an upsurge in the area of research publications.
Entrepreneurship. In the early 90s, with India Some notable initiatives taken by the Indian
permitting foreign investments through the vital government are- Start-up India, Accelerating Growth
policies of liberalization, Indian market witnessed of New India’s Innovations (AGNIi), ASPIRE
a manifold increase of foreign companies willing to scheme, Smart City Mission, UchchatarAvishkaar
invest in the Indian market. Yojana, Make in India, Start-up India Initiative, Atal
At present, India has become a land of Incubation Centre (AIC), Atal Innovation Mission
opportunities for aspiring entrepreneurs. Due to the (AIM), Atma Nirbhar Bharat. Worth special
ongoing pandemic, economies all across are showing mention are schemes for women entrepreneurs
downfalls. However, many are considering this as an (WEP). It also provides financial support for the step
opportunity to introduce innovative products and from innovation to commercialization and extends
solutions. various fiscal concessions to industry.
Innovation, economic growth and social
development are interconnected and can catalyse Top Performing Sectors of Indian Economy
the economic growth. It was stated by our Prime
Minister that a self-reliant India would be of utmost Agricultural Sector
importance in the Post-pandemic world and would be Undoubtedly, the agricultural sector is one of
structured on five pillars - Economy, Infrastructure, the notable revenues earning sectors of the Indian
System, Demography, and Demand. economy. It holds a substantial portion in the GDP
(14%) and over 50% of the total population makes
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