This study looks at the evolution of Indian national innovation system. It aims to discover the role of India in global innovation scenario, synthesize different viewpoints on the effects of globalization on product and process innovations in India. In the process, the chapter gives an overview of threats and benefits of the existing national innovation system, provides a benchmark for innovation comparison with leading innovators among developing economies. It delves deeper and tries to provide forecasts and appropriate recommendations on the innovation policy improvements in the country. Nation-wide and firm-wise prospects of innovation development are given. Key cultural, educational insights are provided to retain and excel transformative pace of national innovation system of India. Research concludes that the future of innovations is highly dependent on private initiative, curbing cultural prejudices, greater immersion to the needs of low-income markets, development of clusters and intense investments in human capital innovations. All this become possible if markets demand high-quality goods, better customer experience and in conditions of fair competition and cohesion with international regulations of intellectual property rights.