The process of development in recent times has been characteristically marked by the expanding reach of multinational enterprises, flows of foreign direct investment, unprecedented growth of information and communication technologies (ICT) and knowledge-based industries, and infusion of ICT across the entire spectrum of industries and activities. High-tech knowledge-based industries like information technology, biotechnology, pharmaceuticals and so on have played an important role in the transition of Chinese and Indian economies--the two largest and fastest growing economies.

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In the post-liberalization period, India has slowly but steadily tried to foster innovation to improve competitive efficiency of Indian manufacturing and thus boost global competitiveness of the industrial sector. Foreign direct investment was looked upon as a major source of technology paradigm shift; in recent times, industrial firms have been investing overseas, even in countries to which they used to export, based on their technological capabilities. Firms in Indian manufacturing industries have also attempted to bring about technological upgrades through imports of design and drawings...