Innovation, this word sounds quite familiar to everyone these days. Every now and then we come across people talking about innovative business, innovative idea, innovation led entrepreneurship, technological innovation and many. The term is so customary that we use it for just anything without even getting to understand the real context and the depth of this word for businesses, economies and solutions. What is so revolutionary about it? Why is it relevant in the present day time? What is its role of economic development? All these numerous complexes are essential to be answered. Innovation is the need of the hour and an answer to the problems of economic development and sustainability.