The objective of this study is to determine antecedents of the innovation process in Indian conditions. In this research, researchers have used interpretive structural modelling (ISM) to develop inter-relationship among antecedents of innovation, which will provide direction to researchers for further research. It will further help managers in formulating innovation strategies. The research was conducted based on expert's opinion about antecedents of innovation. It is observed, 'scarce resources' and 'innovation culture' are two important antecedents which have affected all the antecedents of innovation in India. In order to increase innovation performance in India, 'innovation culture' and 'scarce resources' should be resolved. There have been a number of researches about innovation barriers in general. This paper must be taken as a theoretical model development and can be empirically tested in Indian conditions.