With H1-B visa becoming increasingly difficult to acquire, the World Bank India head Junaid Kamal Ahmed said that India can very well innovate on the lines of Silicon Valley as it aspires to become a middle income level country.
He also said that India would need to expand the innovation ecosystem as well to make that achievement.
Releasing a World Bank report on innovation in developing countries, he said that Silicon Valley in India is quite possible in next five years time.
He however stressed that the very concept of national innovation system needs to be expanded in developing countries if the aims of equitable growth is to be achieved.
Returns from investments in research and development (R&D) rise initially but lack of complementary factors over time result in their decline, the report said.>