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Based on 9,281 firm‐level survey data on micro, small, and medium enterprises (MSMEs) in India, this study investigates the firm‐level characteristics, that is, finance, competition, and human capital on innovation. The proxy for innovation is: if the firm has introduced a new product in the market, introduced a new process in the organization, made some changes in the organization structure, or introduced a new marketing method. We find that firms, spending money on formal research and giving time to employees to innovate, have a higher number of competitors, sell at a national level, and have access to overdraft facilities are associated with higher firm innovation. We rely on firm‐level survey data from the World Bank Enterprise Survey (WBES) for this study.
Kaur et al. (Fri,) studied this question.