Innovation not taken seriously in India

Innovation are not taken seriously in India. We have lakhs and lakhs of students passing out every year and every student is supposed to make a project for completing the course. Are all the innovation recognized? This is something we should be thinking about and the colleges/Universities should start realizing the dreams.
Here is an example of not getting recognized in India:
Projects like the 'black box' system installed in cars in U.S. and UK to detect a genuine accident is also done by a group of students from Latur-based Women Polytechnic Institute in Maharashtra but was not recognized, reports Times of India.

Recently i heard that there is a contest for engineering students, All India Engineering Project Innovation Contest (AIEPIC, pronounced as eye-pic) contest like this will promote many innovations and idea from students. This contest should not be limited only to engineering students it should be open at national level. Well school students are not be left behind in innovation.

Recently Kerala government had started this contest at school level.Really amazing to see the kind of innovation these kids have.

Wish this contest is open at national level irrespective of the age limit.