In the global market economy, the ability of nations to create, absorb and commercialise innovations determines their competitiveness. Innovation is closely linked to the creation of wealth in a modern knowledge economy. Value addition to raw materials in India through applications of technology has remained low compared to other nations such as Israel, Finland, Japan, and South Korea. Increasing labour productivity through technology change and innovation is the main route for the creation of additional wealth to enterprises and better wages to employees. Since Independence, India has endeavoured to bring economic and social change through science and technology. The visionaries who led the growth of innovation and technology in India were convinced that such an approach could play an important role in transforming India in to a modern, industrialised society. Experience and results show that this confidence was well placed. There is a vast untapped potential in India for wealth creation by increasing the levels of innovation content in the entire economic development activities of the country. It is a tall call but an essential one, if the current levels of growth are to be maintained. This book contains 15 research papers, contributed by experts on the subject, which provide deep insights into the interface between poverty reduction, development and innovations.