"India has always been highly innovative", says Saurabh Srivastava, the IT entrepreneur and venture capitalist who has been charged with spearheading a new $1 billion Inclusive Innovation Fund under the remit of the National Innovation Council. He pauses for effect before adding, "except for the last 300 years." Historically, Indian governments have not made great innovators. "Back in the 17th century, India used to account for 25% of global GDP. Then we had the Raj, and then we had the Licence Raj [the few decades leading up to economic reform in the 1990s, when bureaucracy stifled business]. Imagine if mobile phones had been around then. They would have cost $1,000, and had a 10-year waiting list!"
展开▼
