IT is certainly welcome news that even as the world makes a slow and painful recovery after the financial crisis, a growing number of companies in India are rapidly extending their global reach by launching innovative products.

But what really makes the Indian achievement stand out is that, unlike innovations in rich nations, they largely cater to those at the lower end of the pyramid.

And the second and more important aspect is that these innovative products are just not some no-frills cheaper versions of those products already available abroad but equally versatile products like portable ECG and cardiac devices, computer tablets, water purifiers, fridges, solar modules and even small cars which find a ready market across the globe.

Many of these innovations have a lot to do with reverse engineering, a process first perfected by Indian pharmaceutical companies.

But the recent pickup in momentum is mainly due to the changing strategies of large companies, including multinationals, which tap local expertise and use India as a low-cost test bed or lead market before launching products in global markets.

The growing global reach of Indian companies reinforced these gains.

However, sustaining and accelerating the momentum of innovation requires constant vigil.

The government policies should strengthen the essential core of eco-system for innovations, namely the large and growing markets, liberal investment policies and protection of intellectual property rights. And the strategies should also help expand the overseas presence of Indian firms to further boost the made-in- India brand and extend the market for such innovative products.