“India Holds 40th Position in Global Innovation Index 2023, Tops in Lower-Middle-Income Group”

India has retained its 40th position in the prestigious Global Innovation Index (GII) 2023, as per the latest report released by the World Intellectual Property Organization (WIPO). This achievement reaffirms India’s stature as a prominent player in the field of innovation and places it at the forefront of lower middle-income countries globally. India has also secured the first position among the 37 lower-middle group income economies and leads the way among the 10 nations in Central and South America.

The GII, which tracks and evaluates the innovation ecosystem performance of 132 economies worldwide, provides valuable insights into global innovation trends. Remarkably, India’s journey in the GII rankings has been marked by substantial progress. In 2015, India occupied the 81st spot, demonstrating a consistent upward trajectory over the past eight years.

India’s exceptional performance in the GII is attributed to its abundant knowledge capital, a thriving start-up ecosystem, and remarkable contributions from public and private research organizations. Notably, India has consistently exceeded expectations in terms of innovation for the 13th consecutive year.

Key indicators where India shines include ICT services exports (5th place), venture capital investments received (6th place), graduates in science and engineering (11th place), and global corporate R&D investments (13th place).

The National Institution for Transforming India (NITI Aayog) lauded this achievement, emphasizing the importance of innovation in the country’s growth. In a statement, NITI Aayog highlighted how innovation played a pivotal role in addressing the challenges posed by the pandemic and will continue to drive India’s resilience, aligning with the vision of ‘Atma Nirbhar Bharat’ (self-reliant India) set forth by the Prime Minister.

The Global Innovation Index serves as a crucial tool for governments worldwide to evaluate the impact of innovation on social and economic progress in their respective countries.

While India demonstrates commendable performance in various areas, including cultural and creative services exports (18th rank), intangible asset intensity (8th rank), and overall market sophistication (20th rank), there are areas that require substantial improvement, such as infrastructure (84th rank), business sophistication (57th rank), and institutions (56th rank).

NITI Aayog stated its ongoing efforts to optimize national initiatives and promote policy-led innovation in areas like electric vehicles, biotechnology, nanotechnology, space, and alternative energy sources.

The Confederation of Indian Industry (CII) has been an active partner in India’s journey towards becoming an innovation-driven economy, reinforcing the government’s commitment to fostering innovation.

This year, NITI Aayog, in collaboration with CII and WIPO, will host the virtual ‘India Launch of the GII 2023,’ further showcasing India’s commitment to innovation and collaboration on a global scale.

Notably, India is among the 21 economies that have consistently outperformed in innovation relative to their development levels. This achievement underscores India’s resilience and potential to shape the future through innovation. Alongside India, the Republic of Moldova and Vietnam have also maintained their status as innovation overperformers for 13 consecutive years, while Indonesia, Pakistan, Uzbekistan, and Brazil continue to demonstrate their overperformer status in the GII rankings, according to WIPO.

Sources By Agencies

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