With trade liberalization, industry now has access to all raw materials and goods available in the world, so a great deal of innovation has been taking place in their procurement and use. A fourth possibility is innovation in new forms of industrial organization.
With overall change taking place in the economic environment, we are also witnessing new forms of industrial organization on a regular basis. Thus, from all these four points of view, the pace of innovation has been very healthy in India since the early 1990s.