The purpose of this article is to understand the research and innovation ecosystem in India. How India has made progress over the last five years in terms of enhancing its performance with respect to competitiveness, innovation and intellectual property indices? What kind of contribution has been made by the Government in transforming the research and innovation landscape? What are the challenges faced by the leading research institutions in India? What kind of orientation is needed in the coming years to enhance the competitiveness, innovation and intellectual property rankings of India? The qualitative multi-case based research methodology has been applied for data collection and analysis. The key challenges faced by the research institutions in India involve complexities in the patenting process; lack of willingness among the talented resources to take up research as a career option; outdated research infrastructure; issues in commercializing the patented innovations; limited availability of research funding and incentives