Decoding India’s Innovation Landscape: Insights from Indian Innovation Icons

Sustained economic growth demands more than just capital – it requires a robust culture of innovation where entrepreneurs and businesses constantly push boundaries to create new value. The numbers tell the story clearly: Pre-1991, when innovation was limited and entrepreneurship was stifled, GDP growth struggled at 1.1%. Post-liberalisation, with the unleashing of entrepreneurial energy and focus on innovation, India has witnessed decades of transformative growth.

The results of this entrepreneurial revolution are evident. India’s dramatic rise on the Global Innovation Index – jumping 42 places to rank 39th among 133 nations in 2024 – reflects the success of our innovators and entrepreneurs. Our 19th position in the ‘Best Countries for Startups’ ranking further validates India’s emerging position as a global innovation hub.

Since 2006, Marico Innovation Foundation (MIF) has championed this innovation movement through its flagship offerings — particularly Indian Innovation Icons (formerly Innovation for India Awards), a platform that recognises currently hidden, potentially game-changing Indian innovations creating socio-economic or environmental impact. Our rigorous, eight-month selection process, conducted biannually for each edition of the awards, has given us an unparalleled, 19-year perspective on the evolution, trends, and larger direction of India’s dynamic innovation ecosystem.

Indian Innovation Icons: Category-wise Snapshot

The Indian Innovation Icons program recognises breakthrough innovations across three categories: Business, Social, and Global Gamechangers. While Global Gamechanger awards are nomination-based, Business (for-profit) and Social (not-for-profit) winners emerge from hundreds of applications through intense evaluation.

The upcoming 10th edition has received an unprecedented 1170 applications – a 63% jump from 2023! Business innovation applications have surged 68% to 929, while social innovations have grown 59% to 241. This surge reflects the ecosystem’s growing commitment to innovate for social good at scale.

Where is Innovation Thriving: Sectoral Insights

Over MIF’s 19-year journey and nine award editions, we’ve witnessed innovations transform sectors from agriculture to space-tech. The trend is clear – entrepreneurs are moving beyond traditional sectors into emerging opportunities like climate-tech, med-tech, and government services.

While healthcare, agriculture, IT, waste management, and automotive sectors have historically accounted for 52% of our awardees, with climate innovations representing only 5%, we’re seeing a notable shift in where entrepreneurs are placing their bets. Climate innovations now comprise 13% of business applications – a clear response to growing market opportunities in sustainability. Service innovations have reached 14%, showing how entrepreneurs are capitalising on India’s digital transformation.

In the social innovation space, while healthcare innovations previously made up 17% of social category winners, education has now emerged as the dominant sector, commanding 43% of applications. This surge aligns perfectly with the exponential growth of ed-tech and demonstrates how entrepreneurs are leveraging technology to create scalable solutions for universal learning. The focus on community empowerment (32%) and gender equity (26%) represents a growing recognition that social impact and business success can go hand in hand.

The latest applications also showcase how Indian entrepreneurs are strategically deploying cutting-edge technologies, including AI, to solve complex business and social challenges at scale.

What’s the Trajectory Like: Historical Snapshots

The success of past Indian Innovation Icons winners demonstrates the power of combining entrepreneurial vision with execution excellence. As validated by our knowledge partner Deloitte’s analysis of 70 past awardees, 62.5% of business winners and 80% of social winners have achieved above-average performance in metrics like revenue growth, impact scale, funding success, and more.

The following illustrate the diversity and success of some innovations recognised at MIF’s awards platform: 

• Space Technology: Dhruva Space, a 2023 winner, offers end-to-end space solutions including satellite platforms, launch services, and ground systems, and has since secured Series-A funding and witnessed a 325% revenue surge between FY23 and FY24. 
• Medical AI: Dozee, a 2023 winner, is India’s 1st AI-based contactless Remote Patient Monitoring and Early Warning System, and has since secured Series-A2 funding, with its lifesaving health tech systems present across 200+ hospitals.
• Rural Development: Goonj, a 2020 Global Gamechanger, has impacted the lives of 2.8 million Indians by repurposing urban household materials for rural development, with a 24% growth in material channeled between FY20 and FY23.

Indian Innovation Icons 2025   

Join us for a landmark moment in India’s innovation journey as we celebrate the 10th edition of Indian Innovation Icons on March 6, 2025. As India’s leading platform for recognising breakthrough innovations, we will spotlight remarkable innovators who are transforming business and society. From groundbreaking social impact solutions to cutting-edge technological advances, witness the innovations that are shaping India’s tomorrow. Don’t miss any updates – follow Marico Innovation Foundation on LinkedIn and Instagram for exclusive coverage of #IndianInnovationIcons2025.