This is the 12201st most frequent Russian word.
инновационной
"Инновационной" means "innovative" in English.
The word "инновационной" here is used as an adjective to describe the type of developments being innovative.
Эта компания известна своими инновационными разработками.
This company is known for its innovative developments.
In this context, "инновационной" modifies "экономике," indicating the economy's focus on innovation.
В университете проходит семинар по инновационной экономике.
There is a seminar on innovative economy taking place at the university.
"Инновационной" in this sentence characterizes "подходы," showing the approaches were innovative.