Open AccessRole of Innovation in a Globalised World: A Review of Literature
Author(s) -
Harmanpreet Kaur
Publication year - 2018
Publication title -
focus : journal of international business
Language(s) - English
Resource type - Journals
eISSN - 2395-258X
pISSN - 2347-4459
DOI - 10.17492/focus.v5i2.14387
Subject(s) - commercialization , gross domestic product , context (archaeology) , investment (military) , economics , product (mathematics) , product innovation , industrial organization , business , marketing , economic growth , political science , geography , archaeology , politics , law , geometry , mathematics
In today’s competitive environment, innovation has an important role to play. This is extremely important for the growth of firms as well as the nation as it provides the requisite competitiveness to them. Innovation is the commercialization of new ideas or invention. In the context of India, investment in Research and Development (R and D) which is the most commonly used input parameter for innovation is minimal and far below as compared to its economic progress. The proportion of gross R and D expenditure (GERD) to gross domestic product (GDP) in India is stagnant at 0.69% over the years 2014-17. This paper is an attempt to discuss seminal work on innovation, its types, determinants, and their impact on performance of the firms at the micro-level as examined by various researchers for developed as well as developing nations.