India, July 7 -- From Moon landings to mRNA vaccines, many breakthroughs were seeded by governments willing to do what markets could not. Yet today, the State is often told to step aside and let the private sector lead. This creates a paradox. Governments are blamed for not innovating, yet also told not to try. At the same time, many private firms have shifted from building to optimising. Instead of investing in research or transformational ideas, they focus on quarterly targets and stock buybacks. Innovation has become a buzzword rather than a behaviour.

True innovation ecosystems need both sides. They emerge when governments stop acting like cautious regulators and become mission-driven investors. They grow when businesses take risks a...