
A tech expert traces India's journey from an outsourcing hub of the 1990s to an innovation destination of today. When I first became aware of the Indian tech sector in 1993, India would have been the least likely candidate to be named an innovation hub. Back then, and for many years, it was known more as a place where you could outsource your software development at low cost. Or in manufacturing, as the then secretary of department of electronics used to tell me, it was becoming known for 'screwdriver assembly', whereby product kits were imported and then assembled in India for either local consumption or re-export. Well how things have evolved - two recent reports put India as one of the emerging global innovation hubs. In a KPMG global technology innovation survey, India ranks third behind the United States and China in a list of countries showing most promise for disruptive technology breakthroughs that will have global impact. And in a Capgemini Consulting report on global innovation centres, India was highlighted as leading the Asia economies - being the most favoured destination in Asia and the second most preferred destination globally, accounting for 27 per cent of Asia's new innovation centres. Eric Turkington, director at Fahrenheit 212, which produced the report as part of the Capgemini Group, said: “We are witnessing a rapid changing of the guard for global investment in innovation centres. The US and Europe have traditionally been viewed as dominant forces in innovation and technology but Asia could soon surpass the US for number of innovation centres built and operated. Moreover it is clear that funding alone is not enough - the success or failure of any innovation centre hinges on how effectively it taps into the surrounding ecosystem, and the role it plays in driving a broader corporate innovation strategy.” Asia's emergence as a leading hotbed of innovation is underscored by its position as a world leader in patent applications, a key indicator of technological and scientific breakthroughs. The region now accounts for over half (56 per cent) of the world's total patent grants. During the last decade (2005-15), Europe's share of global patent grants has fallen from 24 per cent to 13 per cent. The study particularly found: