The buzzword across the globe for the 21st century is ‘Innovation’. In the simplest term, Innovation could be defined as converting ideas into new or improved products, processes and services. Undoubtedly, Innovation is about taking inventions to marketplace by translating scientific knowledge into products, services and offerings for economic growth and social development. Even, Hon’ble Prime Minister of India has declared decade 2010-20 as the ‘Decade of Innovation’, to unleash the creative potential of every Indian.