India Enters Top 40 In Global Innovation Index

India climbed six spots to rank at 40th position in the Global Innovation Index 2022. According to a report by the Geneva-based World Intellectual Property Organization (WIPO), based on improvement in several parameters, India has been on an upward trajectory in the GII rankings.

As per GII, Switzerland, United States, Sweden, United Kingdom and the Netherlands are the world’s most-innovative economies, with China on the threshold of top 10.

“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 added.

Speaking on the development, Prime Minister Narendra Modi said the country is ready to scale further in terms of innovation.

Taking to Twitter, he wrote, “Innovation is the buzzword across India. Proud of our innovators. We’ve come a long way and want to scale even newer heights.”

Terming the progress as a ‘huge leap’ Commerce and Industry Minister Piyush Goyal tweeted, “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 @NarendraModi ji is rapidly emerging as the global innovation hub.”

Notably, India was at 46th position in 2021 and 81st rank in 2015.

The 2022 edition of GII takes into account the most recent global innovation trends against the backdrop of Covid-19 pandemic, slowing productivity growth and other evolving challenges.

It is to be noted that the 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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