India has a long way to go in innovation as far as academic research is concerned but fared better in terms of business and industrial research, Infosys CEO S Gopalakrishnan said today.

"India has a long way to go partly because we need to increase the number of PhDs being produced in academic institutions. It will take some time", Gopalakrishan, also Chairman of CII Southern Region, told reporters announcing the two-day Sixth Innovation Summit beginning here from June 17.

"Industrial research is not that bad as many MNCs have their R and D centres here", he said. For some India was among their largest R and D centres outside North America, he said.

Several of these researaches were applied research which had a time period of three to five years. "What is missing is the long term research of nine to 10 years", he said which typically happens in academic institutions.

"Innovation is very complex and needs an eco system", he said adding it required academic support, industry taking research and applying it and it also needed a market.

"If innovation is ahead of time and if no market exists locally, it will never see the light of the day", he said.

India was seeing innovation in the sense that products were being developed here. "There are more products coming out of India", he said talking about products like Finnacle developed by Infosys. "These are being deployed globally", he said. .