'Make in India', an international marketing strategy conceptualized by the Prime Minister of India, Shri Narendra Modi in September, 2014, has been aimed to boost the industrial production and labour intensive manufacturing in India. The objective is to create a job market for a largely unemployed population of 1.2 Billion people in the country, needing about one Million additional jobs every month. The economy of Indian, presently based on agriculture, cannot be left on the mercy of the unpredictable south-west Monsoons. In order to sustain the rapid growth and alleviate poverty, India rightly needs to harness its potential of 'Make in India'. From the invention of Penicillin to the present day Mobile phone, history is witness to the fact that innovations and inventions have enabled societies to produce more. However, technology innovations can contribute towards productivity only through their application, adoption, and diffusion. Liberal support for technology innovation will enhance entrepreneurship development, which will in turn accelerate the economic growth. Technology innovation and its diffusion are, thus, very crucial towards boosting the manufacturing and service sectors. However, in spite of its large publicly funded science & technology infrastructure, India has not been able to realize its innovative potential. The decrease in the number of indigenous patent applications being filed in India in recent years has raised several questions on the promotion of innovation eco-system in the country. While China topped the global list by filing 5,26,412 Patent applications in the year 2011 (with USA having 5,03,582 patent applications, as runner up), only 42,291 patent applications were filed in India during this period. Realizing that innovation led entrepreneurship development shall promise an economic growth; the Govt. of India has recently taken several initiatives with an innovation agenda. Declaration of 2010-20 as the Decade of Innovation, establishment of National Innovation Council and formulating the Science, Technology & Innovation Policy-2013 (STIP-2013) are indicative of some positive developments in this regard. Further, national level Organizations and programmes like National Innovation Foundations (NIF), Promotion of Innovations among Individuals and MSMEs (PRISM), Grass-root Innovation and Augmentation Network (GIAN) are several other initiatives launched in this direction. Creation of a robust national innovation eco-system is one of the key elements listed in the Science Technology Innovation Policy-2013 of the Govt. of India. With a focus on the new initiative of 'Make in India', as conceived by the Prime Minister of India, this article summarizes the possibilities and challenges in the implementation of the initiative through innovation-led entrepreneurship development. The support available for promotion of innovations in the formal and non-formal sectors, as well as the process for protecting innovations through patenting, leading to the diffusion of innovative technologies have been discussed. The recommendations identified in the article shall ensure the flow of technology from academia to the industry, thereby transforming ideas into wealth, and creating a job market in the country.