India rises 41 ranks in 7 years to enter top 40 of global innovation Index

New Delhi, Sept 30: India climbed six notches to 40th position in the Global Innovation Index 2022 on account of improvement in several parameters, according to a report by the Geneva-based World Intellectual Property Organization (WIPO).

 

 

 

Switzerland, the United States, Sweden, the United Kingdom, and the Netherlands are the world's most-innovative economies, according to WIPO's 2022 Global Innovation Index (GII), with China on the threshold of the top 10.

 

 

 

Other emerging economies are also showing consistently strong performance, including India and Türkiye, both of which enter the top 40 for the first time, it said. "Canada is back among the top 15 global innovators (15th). Türkiye (37th) and India (40th) enter the top 40 for the first time," the report said. "India's innovation performance is above average for the upper-middle-income group in almost every innovation pillar, with the exception of infrastructure, where it scores below average," it said. Commenting on the development, Prime Minister Narendra Modi said the country is ready to scale further in terms of innovation. "Innovation is the buzzword across India. Proud of our innovators. We've come a long way and want to scale even newer heights," Modi said in a tweet. Commerce and industry minister Piyush Goyal described the progress as a "huge leap", which testifies to India's emergence as a "global innovation hub". "India Innovating Like Never Before! India climbs to the 40th rank in the Global Innovation Index of WIPO, a huge leap of 41 places in 7 years. The steady rise testifies that India under the leadership of PM Narendra Modi Ji is rapidly emerging as the global innovation hub," Goyal tweeted. India was at 46th position in 2021 and at 81st rank in 2015. Parameters for computing the index, include 'institutions', 'human capital and research', 'infrastructure', 'market sophistication', business sophistication', 'knowledge and technology outputs' and 'create outputs'.

 

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The 2022 edition of the GII tracks the most recent global innovation trends against the background of an ongoing COVID-19 pandemic, slowing productivity growth, and other evolving challenges. WIPO said a large number of countries use the GII to assess and improve their innovation ecosystems and use the index as a reference in economic plans and/or policies.