Frugal Innovation for Economic Development - A Perspective Study

Abstract

With the growth of industry and economy the global output and consumption have been leap frogging. This has put pressure on raising capital, providing solution to problems in a cost effective and ecologically sustainable manner. This in turn calls for Frugal Innovation for development of the economy. The aspect of development necessarily brings to us the negative consequences for the world economy in the form of climate changes, natural disaster, and loss of assets in various forms, all of which put further pressure on the society and economy. In its ever continuing race towards development and meeting the aspirations of people at both ends of spectrum it is only through frugal innovation for economic development that we can make our future more sustainable, economically viable and in tune with natural growth aspects. The current pandemic induced behaviour has further accentuated the need for sustaining the Frugal innovation in terms of products and services as we go forward.

This article reviews the existing body of literature in this regard and outlines what could possibly be the way the frugal innovations are likely to be applicable to our Indian economy, and more particularly in the context of economic development Further it takes a look at the sectors where it is likely that products and services are going more into frugal mode and its implications for the consumers and society.