Cost Innovation

Recently I asked a very senior industry veteran of the importance of cost innovation in today's world. 

He very rudely cut me to size and said, "it is not the necessity of the time. The Americans can afford, so why should they cost-innovate ?" (Even though it came to my mind, why did the US then call of its Apollo mission or the Space Shuttle Mission, I got a very valid point for thought and kept quiet.)

I was quite surprised and at the same time shocked to receive this reply. Is affordability the only reason, cost innovation is not a success in the west ?

If I get the same innovative product here within India at the same quality as the western world at very low costs, with the same features as the western unit, is it not a positive point to be considered ? Need I look any further for better products  ? Yes, I may for better innovative features on the existing products ..

Here steps in Indian scientists, engineers and entrepreneurs ..