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The present study seeks to understand the existing Science and Technology Policy that facilitate and promote the growth of technology and innovations and legal and regulatory environment in India and in other countries. Republic of Korea and China along with India were used to study innovation systems as the case studies having economy in the stage of transition. It is interesting to note that these countries have identified innovation as a main engine for economic growth and the governments in these countries have launched a national strategy to build an innovation-driven economy and society.