"Regardless of how advanced a technology is, if there is no merchant adoption, then there will be no consumer adoption and vice versa, " Sanjay Sakhrani, an analyst with KBW, wrote in a research note this month.

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It is no secret that Russia has continued to sell advanced weapons systems and technology to countries like Libya, Syria, Iran, Pakistan, North Korea and China despite shared intelligence linking several of these governments to illicit trade and terror networks.

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In healthcare, domestic ultrasound manufacturer Mindray became the No. 1 player by using technology that was reliable but less advanced and offering 30% to 40% lower prices than similar models from MNCs.

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