Need of Innovation in Concept & Employment Avenues for sustainable Livelihood

The notion of reverse innovation came into mainstream academic and industrial discussion when importance of business opportunity in surging developing world was revealed through various reports. This was also observed that creation of sustainable livelihood system can ensure wholesome economic development thereby providing cushion against depression and economic slowdown. However, reverse innovation cannot help until innovations are ushered in to ensure viable livelihood systems, which ultimately create substrate for the application of reverse innovation. Innovation is based upon basic elements of livelihood such as consumption, contribution, utility, productivity and sustainability of livelihood systems. Each economic activity comprises all the basic elements and has close impact on the sustainability of the activity. The concept of economic activities relived the notion of ‘circulation by means of contribution and consumption’ in the era of mass consumerism, which was evident from the fact of national income disbursement in the economy across various sectors that more consumption is followed by more production and thereby more income again leading to more consumption. However, this also exposed the gaps in the distribution system. More consumption is not necessarily followed by more production in domestic territory. In the age of globalization, domestic production and export has also to be increased to maintain pace with inflow of mass consumption products from abroad. In the nutshell if consumption in the economy increases, it needs to be supported by innovation and reverse innovation so that domestic production, trade and commerce can provide required balance for the sake of sustainable livelihood systems

Type: 
Management
Authors Name: 
Dr Arun Bhadauria