US Innovates, China Replicates, and India ???

A few days ago, an interesting discussion was brewing on the internet: “US Innovates, China Replicates, EU Regulates”. But there was nothing concrete to say about what India does – perhaps, adopts or operates? 

Mohandas Pai, the chairman of Aarin Capital, probably has an answer. At the recent IGIC 2024 event in Bengaluru, Pai said that the three ingredients for an innovative system are human capital, physical capital, and financial capital. 

Pai noted that one of the biggest reasons behind India lagging in innovation is the lack of funding. “Public funding for research is insufficient, with Indian universities receiving around $800 million annually, which is less than what a single prominent American university would receive,” he said.