India and Innovation

I read the following in an article a couple of days back and was wondering whether it could be true. There isn't any visible signs, right?

Dan Scheinman, senior vice-president, Cisco Systems, as saying, "We came to India for the costs, we stayed for the quality, we’re now investing for the innovation."

India does not go well with innovation is conventional knowledge, I thought. That is, until I came across this.