The main problem is issue of governmental support to innovation like in universities , private companies and in public research centres.we have the mentality required from the fact that we started many institutions of high research at a young age of the nation when we were much poorer and we stood behind them when we could have not initiated or abandoned them like some neighborhood countires have.You counter the innovashun based sovieties meme with the fact that we are a 1.4 billion population country, compared to these 50-100 million piddis and he will spew his 150 million golden number population control jhumla once more.
The issue is unlike the rich developed countries of west and like the Pentagon of usa,you do not have virtually infinite money to put into research and development and so we prioritised certain developments like agni missiles,nuclear engineering,etc that are important for many reason.this and many small and large fields were undertaken.
the problem is because of the reality of the difference between the living standards and job opportunities of the western nations and the devolping countries of the time in which we are included it will result in an effect where a lot of your researchers and engineers will seek jobs and education somewhere else like they have done in countires like india and china and many other countires.Your government cannot setup institutions fast enough or they cannot setup institutions of research in evry niche subject and hence inevitably the engineers scientists migrate to foreign countries.
This is changing however as the institutions we have seeded have grown and spread their spectrum of research more and more,many personal are retained in the countries of china and india for example.
The other thing is it will take time,this brain drain and limitations in funding of the central government are the main bottle neck in indian research efforts and still we innovate and develop many things.this will not happen if we were a nation like pakistan which is only obsessed with a foreign religion which puts scientific pursuit where the sun don't shine.it shows suitable we for the future economy and world that when we were poor,we dreamt and undertook research 'thought' to be only meant for well to do countries when we could easily focused on low ambition stuff.