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INTRODUCTION
Innovation is essential for sustainable growth and economic development. Several core
conditions enable innovation and encourage economic growth. In the modern economy,
innovation is crucial for value creation, growth and employment and innovation processes take
place at the enterprise, regional and national level. Innovation will lead to new businesses as well
as to the increased competitiveness of existing enterprises.
Economic growth is most commonly measured using changes in the total value of goods and
services produced by a countrys economy or what is know as GDP. Innovation economists
believe that what primarily drives economic growth in todays knowledge-based economy is not
capital accumulation, as claimed by neoclassicalism asserts, but innovative capacity spurred by
appropriable knowledge and technological externalities. Economics growth in innovation
economics is the end-product of knowledge (tacit vs. codified); regimes and policies allowing for
entrepreneurship and innovation (i.e., R&D expenditures, permits, licenses technological
spillovers and externalities between collaborative firms; and systems of innovation that create
innovative environments. FDI plays an important role in the process of economic growth. R&D
expenditures and personnel, patents, and high-tech/service exports strengthened their innovation
capacity

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LITERATURE REVIEW
The relationship between innovation and economic growth has been well studied. Various
researchers at different time have investigated the innovation growth nexus. Following are the
studies about relationship between innovation and economic growth
The literature on innovation is very voluminous and diverse. The core of innovation is the
use of production resources in a new way and the simultaneous withdrawal of older resources
from current application and use (Boskin and Lawrence,1992). Joseph Schumpeter is among the
first economists who used the innovation concept in his studies. He explained innovation as
The fundamental impulse that keeps the capitalist engine in motion comes from the new
consumers, goods, the new methods of production or transportation, the new markets, the new
forms of industrial organization that capitalist enterprise creates ( Zalewski and Skawinskw
2009).
A brief review of the empirical literature on the economics of innovation often starts with
Griliches (1979) seminal empirical work on identifying the effect of R&D on productivity.
Griliches finds a significant positive relationship between R&D and productivity. He also shows
that the relationship is highly variable depending on the industry and country under
consideration. Building on Griliches work, Coe and Helpman (2009) study spillovers in the
international setting, looking at the differential impacts of local knowledge versus internationally
sourced knowledge, and its potential to generate positive societal benefits. Specifically, they
relate changes in the R&D capital stock to changes in productivity. It should be noted that,
holding employment fixed, changes in productivity are directly correlated to changes in GDP.
In prior studies because of the difficulty in measuring innovations, tangible data is used
to discuss the economic effect of innovation. When trying to quantify the impact of innovation
on growth, innovation is usually measured using proxies such as R&D expenditure, employment
in R&D departments and patent data.
Cameroon (1998) surveys the empirical evidence on the link between innovation and
economic growth by considering different measures of innovation such as R & D spending,
patenting and innovation counts, as well as the pervasive effects of technological spillovers
between firm, industries and countries. The empirical evidence suggests that innovation expedite
the growth process. Further, Wakelin (2001) analyzed relationships between productivity growth
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and R&D expenditures in 170 firms quoted on the UK stock market. The research findings
showed that R & D expenditure has a positive role in influencing its productivity growth.

Ulku (2004) investigated the innovation growth nexus by using patent and R & D
variable for 20 OECD and 10 non OECD countries over the period 1981 to 1997. Result of the
studies reveals positive association between innovation and economic growth, while the effect of
R & D stock on innovation is significant only in OECD countries with large markets. Simlarly
Sedroi and Zina (2009) employed generalised moment method to investigate the association
between innovation and economic growth by using panel data of 23 countries for the period 1992
to 2004. The variable for innovation used was R&D. The empirical results reported a positive
and significant relation between R&D and economic growth for all sampled countries . On the
other hand,Samimi and Alersoul (2009) tested the impact of R&D on economic growth for 30
developing countries over the period 2000 to 2006. The result of study implies low R & D
expenditures have no significant impact on economic growth

Borensztein at el (1997) investigate the impact of FDI on economic growth and
technological progress for the period 1970 to 1989 for 69 developing countries. The empirical
evidence suggests FDI is an important vehicle for transfer of technology, contributing relatively
more to growth then domestic investment. Furthermore FDI contributes to economic growth only
when a sufficient absorptive capacity of advanced technologies is available in host economy.
Sun at el. (2010) tested whether high tech product export causes more technology
spillover compared with the traditionarlly primary manufactured export. The emperical
estimation used panel data of 31 provinces of china over the period 1998 to 20005. The
emperical evidence suggest that technology spillover of export mainly take place in traditional
export sector rather than high tech export sector.
In the recent waves of literature, Beyzaand Tasel (2012) emperically examine the relation
between innovation and economic growth by using endogenus economic growth theory. The
study uses panel regression model for the period 1998 to 2010. The main variables included for
investigation of relation between innovation and growth were researcher employed in R & D
deparment, R&D expenditure, patent as innovation indicators and GDP as growth indicator. The
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emperical finding of the study indicated a positve relation between R&D expenditure and
number of R&D employer in influency economic growth.
HYPOTHESIS
i. To investigate the impact of innovation on economic growth
ii. To examine the effect of R&D spending on economic growth
iii. To explore the impact of high tech exports on economic growth
iv. To scrutinize the effect FDI on economic growth
METHODOLOGY
We have taken data of One developed and one developing economy to assess the
relationship between innovation and economic growth. The data selected from period
1983 to 2012.
DATA SOURCES
The data on variables GDP , high tech exports, FDI, R&D expenditure and obtained from
World Bank Development Indicator (WDI), Trading economics , WIPO for India and
Canada.The study covers the period of 1983 to 2012.Data is secondary base data and it
saved time and expenses .Data is secondary its accuracy is not sure and at many
indicators data is missing.

DATA ANALYSIS
CANADA








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COUNTRY CANADA CANADA
INDICATORS GDP FDI
1983 2.72 0.60
1984 5.81 1.37
1985 4.78 0.38
1986 2.42 0.77
1987 4.25 1.93
1988 4.97 1.22
1989 2.62 1.08
1990 0.19 1.30
1991 -2.09 0.48
1992 0.88 0.82
1993 2.34 0.84
1994 4.80 1.46
1995 2.81 1.58
1996 1.62 1.57
1997 4.23 1.81
1998 4.10 3.69
1999 5.53 3.75
2000 5.23 9.12
2001 1.78 3.87
2002 2.92 3.00
2003 1.88 0.83
2004 3.12 -0.07
2005 3.02 2.28
2006 2.82 4.72
2007 2.20 8.42
2008 0.69 4.14
2009 -2.77 1.78
2010 3.21 1.81
2011 2.53 2.31
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In fact, since 1983, . Canadas inward fdi has declined over the yearsas shown by the
shrinking bubble.Canadas inward FDI stock as a share of GDP has increased in 2000 thanks to
the commodity boom in the mid 2000s that sparked a wave of investments in Canadas resource
industriesparticularly the mining and energy sectors. 2009, Canada had slipped to 9th among
the same 15 peer countries. Canada has a small domestic market base, an aging population, and
slowing population growth. Canadas share continues to fall.
2012 1.71 2.42
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COUNTRY CANADA CANADA
INDICATORS GDP High Tech Export
1983 2.72 ..
1984 5.81 ..
1985 4.78 ..
1986 2.42 ..
1987 4.25 ..
1988 4.97 10.79
1989 2.62 12.05
1990 0.19 13.76
1991 -2.09 15.91
1992 0.88 14.90
1993 2.34 13.94
1994 4.80 13.81
1995 2.81 14.99
1996 1.62 15.83
1997 4.23 15.55
1998 4.10 15.56
1999 5.53 14.95
2000 5.23 18.73
2001 1.78 16.65
2002 2.92 14.19
2003 1.88 13.73
2004 3.12 12.09
2005 3.02 13.08
2006 2.82 13.34
2007 2.20 12.75
2008 0.69 13.60
2009 -2.77 16.26
2010 3.21 14.05
2011 2.53 13.43
2012 1.71 12.39







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Source: www.databank.worldbank.org
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COUNTRY CANADA CANADA
INDICATORS GDP R&D
1983 2.72
1984 5.81 ..
1985 4.78 ..
1986 2.42 ..
1987 4.25 ..
1988 4.97 ..
1989 2.62 ..
1990 0.19 ..
1991 -2.09 ..
1992 0.88 ..
1993 2.34 ..
1994 4.80 ..
1995 2.81 ..
1996 1.62 ..
1997 4.23 1.65
1998 4.10 1.66
1999 5.53 1.76
2000 5.23 1.80
2001 1.78 1.91
2002 2.92 2.09
2003 1.88 2.04
2004 3.12 2.04
2005 3.02 2.07
2006 2.82 2.04
2007 2.20 2.00
2008 0.69 1.96
2009 -2.77 1.92
2010 3.21 1.94
2011 2.53 1.85
2012 1.71 1.74






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High-technology exports (% of manufactured exports) in Canada was last measured at 12.39 in
2012, according to the World Bank. High-technology exports are products with high R&D
intensity, such as in aerospace, computers, pharmaceuticals, scientific instruments, and electrical
machinery.The economy continues to undergo structural adjustments due to these persistent
relative price movements since the early 2000s. The export-oriented manufacturing sector had by
2011 shrunk sharply to only 12.6% of total value added, down from a peak of 18.6% in 2000. Its
share of employment has also fallen substantially over the past decade (from 15.2% to 10.2%).





Source: www.databank.worldbank.org
Research and development expenditure (% of GDP) in Canada was last measured at 1.74 in
2012,In 2002 Canada Expenditures for research and development is increasing 2.09 and their
current and capital expenditures (both public and private) on creative work undertaken
systematically to increase knowledge, including knowledge of humanity, culture, and society,
and the use of knowledge for new applications. R&D contribute high in the GDP of Canada.


INDICATORS GDP FDI
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Source:
www.databank.worldbank.org
Foreign direct investment; net inflows (% of GDP) in India was last measured at 1.94 in
2011.Foreign direct investment are the net inflows of investment to acquire a lasting
management interest in an enterprise operating in an economy other than that of the investor. It
is the sum of equity capital, reinvestment of earnings, other long-term capital. This series shows
net inflows (new investment inflows less disinvestment) in the reporting economy from foreign
investors, and is divided by GDP. This includes some high profile technology-based acquisitions
abroad by Indian companies. However, information on the rate of survival of these ventures is
unavailable. The amount of FDI flowing from India had always been insignificantuntil the trickle
became a torrent from about 2005 onward.
1983 7.29 0.00
1984 3.82 0.01
1985 5.25 0.04
1986 4.78 0.05
1987 3.97 0.07
1988 9.63 0.03
1989 5.95 0.08
1990 5.53 0.07
1991 1.06 0.03
1992 5.48 0.09
1993 4.75 0.19
1994 6.66 0.29
1995 7.57 0.58
1996 7.55 0.61
1997 4.05 0.85
1998 6.18 0.61
1999 8.85 0.46
2000 3.84 0.75
2001 4.82 1.11
2002 3.80 1.07
2003 7.86 0.70
2004 7.92 0.80
2005 9.28 0.87
2006 9.26 2.11
2007 9.80 2.04
2008 3.89 3.55
2009 8.48 2.61
2010 10.26 1.60
2011 6.64 1.94
2012 4.74 1.29
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INDIA




















Source: www.databank.worldbank.org

Although India's R&D intensity increased only slightly between 2003 and 2006, from 0.73% to
0.78% of GDP, the share of the business enterprise sector in gross domestic expenditure on
research and development (GERD) leapt from 18% to an estimated 28%. GDP rate. The India
great importance to public research and development (R&D) in certain high-tech areas, such as
space, information technology(IT) and pharmaceuticals; moreover, public R&D itself has
become more commercial and market-driven.There has been a tremendous increase in the
INDICATORS GDP FDI
INDICATOR GDP High Tech Export
1983 7.29 ..
1984 3.82 ..
1985 5.25 ..
1986 4.78 ..
1987 3.97 ..
1988 9.63 4.07
1989 5.95 4.20
1990 5.53 3.94
1991 1.06 4.69
1992 5.48 4.05
1993 4.75 4.25
1994 6.66 4.78
1995 7.57 5.80
1996 7.55 6.87
1997 4.05 6.54
1998 6.18 5.62
1999 8.85 5.74
2000 3.84 6.26
2001 4.82 6.97
2002 3.80 6.24
2003 7.86 5.95
2004 7.92 6.00
2005 9.28 5.80
2006 9.26 6.07
2007 9.80 6.40
2008 3.89 6.78
2009 8.48 9.09
2010 10.26 7.18
2011 6.64 6.87
2012 4.74 6.63
Indicators Gdp R & D
1983 7.29
1984 3.82 ..
1985 5.25 ..
1986 4.78 ..
1987 3.97 ..
1988 9.63 ..
1989 5.95 ..
1990 5.53 ..
1991 1.06 ..
1992 5.48 ..
1993 4.75 ..
1994 6.66 ..
1995 7.57 ..
1996 7.55 ..
1997 4.05 0.63
1998 6.18 0.67
1999 8.85 0.69
2000 3.84 0.72
2001 4.82 0.75
2002 3.80 0.73
2003 7.86 0.71
2004 7.92 0.71
2005 9.28 0.74
2006 9.26 0.78
2007 9.80 0.77
2008 3.89 0.76
2009 8.48 ..
2010 10.26 ..
2011 6.64 ..
2012 4.74 ..
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numberof foreign R&D centres, which have grown from fewer than 100 in 2003 to about 750 by
the end of 2009.
Cross country
analysis
GDP annual growth rate




















1983 2.72 7.29
1984 5.81 3.82
1985 4.78 5.25
1986 2.42 4.78
1987 4.25 3.97
1988 4.97 9.63
1989 2.62 5.95
1990 0.19 5.53
1991 -2.09 1.06
1992 0.88 5.48
1993 2.34 4.75
1994 4.80 6.66
1995 2.81 7.57
1996 1.62 7.55
1997 4.23 4.05
1998 4.10 6.18
1999 5.53 8.85
2000 5.23 3.84
2001 1.78 4.82
2002 2.92 3.80
2003 1.88 7.86
2004 3.12 7.92
2005 3.02 9.28
2006 2.82 9.26
2007 2.20 9.80
2008 0.69 3.89
2009 -2.77 8.48
2010 3.21 10.26
2011 2.53 6.64
2012 1.71 4.74
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GDP annual growth rate Graph 1

Source: www.databank.worldbank.org

The above table and chart shows the GDP annual growth percentage of canada and india from
1983 to 2012. .India highest GDP growth (annual %) 10.26 in the year 2010. India is an
emerging economy and have potential growth capacity Acceleration in Value Added: Increase in
growth rate Highest for Manufacturing and construction. india has low GDP 1.06 in 1991 due to
serious economic crisis. Canada highest gdp 5.81 in 1984 low -2.09 in 1991 due to serious
economic crisis -2.77 in 2009 due to recession.chart show that india gdp increasing more than
canada.


-4
-2
0
2
4
6
8
10
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1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011
Canada
India
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Foreign Direct Investment
Country Canada India
1983 0.60 0.00
1984 1.37 0.01
1985 0.38 0.04
1986 0.77 0.05
1987 1.93 0.07
1988 1.22 0.03
1989 1.08 0.08
1990 1.30 0.07
1991 0.48 0.03
1992 0.82 0.09
1993 0.84 0.19
1994 1.46 0.29
1995 1.58 0.58
1996 1.57 0.61
1997 1.81 0.85
1998 3.69 0.61
1999 3.75 0.46
2000 9.12 0.75
2001 3.87 1.11
2002 3.00 1.07
2003 0.83 0.70
2004 -0.07 0.80
2005 2.28 0.87
2006 4.72 2.11
2007 8.42 2.04
2008 4.14 3.55
2009 1.78 2.61
2010 1.81 1.60
2011 2.31 1.94
2012 2.42 1.29
Source: www.databank.worldbank.org
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Source: www.databank.worldbank.org
The above table and chart shows fdi. We see that canada has the highest fdi 9.12 in 2000
whereas india has 3.5 in 2008. FDI inflows during 1991-92 to March 2010 in India increased
manifold . The measures introduced by the government to liberalize provisions relating to FDI in
1991 lure investors from every corner of the world increased to fifteen countries in 1991. India
emerged as a strong economic player on the global front after its first generation of economic
reforms. . As compared with canada Foreign direct investment, net inflows (% of GDP) in
Canada was 2.31 as of 2011. Its highest value over the past 30 years was 9.12 in 2000, sparked a
wave of investments in Canadas resource industriesparticularly the mining and energy
sectors. Canada has a small domestic market base, an aging population, and slowing population
growth. Canadas share continues to fall lowest value was -0.07 in 2004





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Canada
India
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Source: www.databank.worldbank.org






High Tech Exports

Source: www.databank.worldbank.org
The table below shows the high tech export of India and Canada from 1983 to 2012. Canada has
highest high tech export is 18.73 in 2000 High-technology exports are products with high R&D
intensity, such as in aerospace, and electrical machinery due to which Canada has more high tech
0
2
4
6
8
10
12
14
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18
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1
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Canada
india
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export than India The export-oriented manufacturing sector had by 2012 shrunk sharply to only
12.39% of total value added, down from a peak. In 1990 India high tech export decrease 3.94
and highest high tech export 9.09 in 2009. India has become the worlds largest exporter of IT
services since 2005. Country from emerging as a serious player in the civilian aerospace sector
aircraft parts or components.











R & D spending percentage of GDP
Country Canada India
indicator R & D R & D
1983 .. ..
1984 .. ..
1985 .. ..
1986 .. ..
1987 .. ..
1988 .. ..
1989 .. ..
1990 .. ..
1991 .. ..
1992 .. ..
1993 .. ..
1994 .. ..
1995 .. ..
1996 1.65 0.63
1997 1.66 0.67
1998 1.76 0.69
1999 1.80 0.72
2000 1.91 0.75
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2001 2.09 0.73
2002 2.04 0.71
2003 2.04 0.71
2004 2.07 0.74
2005 2.04 0.78
2006 2.00 0.77
2007 1.96 0.76
2008 1.92 ..
2009 1.94 ..
2010 1.85 ..
2011 1.74 ..
2012 .. ..
Source: www.databank.worldbank.org


R & D spending percentage of GDP

Source: www.databank.worldbank.org
The above table and line chart shows that Canada has high R&D spending (% of GDP)
from 1983 to 2012 whereas India has a low R&D spending in the same period. So
developed economies Canada have high R&D expenditures increased as compared to
developing economy India. The most recent figures for Canada on R&D intensity averaged
0
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Canada
India
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1.3% and were more volatile, increasing are 2.09 % for 2001 both business and government
R&D expenditures declined after 2006. India R&D intensity increased only slightly
between 2003 and 2006, from 0.73% to 0.78% certain high-tech areas, such as space,
information technology, and pharmaceuticals; moreover, public R&D itself has become
more commercial and market-driven.

Conclusion
The objective of this study was to assess relationship between innovation and economic
growth. The study uses indicators likecountries R&D efforts, high tech exports, FDI and GDP
growth annual for India and Canada for the period 1983 to 2012. The analysis shows that there is
a strong relationshipbetween innovation and GDP in both developed and developing countries,
while only the developed countries with larger markets are able to increase their innovation by
investing in R&D. The analysis also suggests that the developing countries that do not have
effective R&D sectors seem to promote their innovation through technology spillovers from
other developed countries.
Both developed and developing countries require a strong institutions and IP right regime
encourages innovative companies to transfer new technologies and business methods to their
subsidiaries in their economys, through large foreign direct investments; and those investments
spur the modernization process in those countries, generating new gains in productivity, growth,
and employment. Similarly tax holidays are popular with emerging countries seeking to attract
new foreign and other investment in innovation. Government generally offer tax-free periods for
new investments by innovation- or tech-intensive. These can be focused on a high-tech industry
or a targeted geographic area
If government of India will use effective trade policies with strong institutionsit will generate
very large benefits for the Indian economy and people. FDI flows to India would increase
sharply, as would its research and development activities. These increases in FDI and R&D
would expand the sectors output and employment. Indias access to the worlds most advanced
markets also would increase. In particular, average life expectancy would rise, creating large
long-term economic gains, while the costs of health care and the government subsidies that
support it would ease. An effective trade policy would also expand FDI, output and employment
in much of Indias service sector and manufacturing industries.
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Policy
Government should launch project for providing environment for management and
commercialization of intecualproperty this will protect and encourage patenting of new
innovation and will attract public private partnership arrangement.
Openness to foreign R&D, which is associated with higher productivity growth especially
when domestic R&D investment and capability are also high
Developing countries take into account the level of development of their institution and
administration system for their success policies must be resilient to weak institution.
Develop mechanisms to mobilize financial resources from both public and private sector
for sciences, technology and innovation.
Develop and promote a robust institution frame work for mobilization and management
of science technology and innovation resources targeted at strategic national priorities.
University graduates with the right technical and business skills are essential for
companies to innovate and maintain competitiveness.
FDI also serves to bring new technology, knowledge, or innovative processes to a
country, and to accelerate a countrys integration into the global economy.
Tax holidays are popular with emerging countries seeking to attract new foreign and
other investment in innovation.
Enforcement and protection of intellectual property rights forms a crucial component in
innovation, especially for technological innovation.
Patenting trends provide a unique and detailed source of information about the state of
innovationand technology within a country.
The investments a government makes to strengthen its innovation infrastructure can have
a dramatic impact on the ability to attract domestic and foreign investment.In some cases,
focusing on grants for higher education and R&D can spur domestic innovation that has a
longer lasting effect on the local economy.
Fiscal investment in innovation thus can include the indirect investments to educate and
train scientists and researchers, build world-class institutions and facilities, facilitate
interactions with global communities to generate fresh ideas and new perspectives, and
build structures to commercialize innovation

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