Investing in new technologies

Investing in new technologies can happen rapidly by global scanning. It can provide instant innovation from an outside source. The only problem is that it is quite expensive. Often foreign technologies also come with strings attached: sometimes Indian corporations are not given key secret processes. In India, this has resulted in cheaper import substitutes, using easily available local resources. India, with its vast human resources, would do well to invest in developing innovation in its own backyard instead of buying it readymade. Innovating internally would also make India globally more competitive.