India stands at 40th spot in the Global Innovation Index (GII) 2022 from the 81st position in 2015, the government said on Thursday, underlining that the country is rapidly emerging as the global innovation hub.
The Global Innovation Index (GII) report for 2022 was released on Thursday by the World Intellectual Property Organization (WIPO), a special UN body.
In a tweet, Union Minister for Commerce and Industry Piyush Goyal stated that under Prime Minister Narendra Modi’s leadership, India is “innovating like never before.”
Global Innovation Index is annual ranking given to the countries on the basis of their capacity or success in innovation. Switzerland, the US, Sweden, the UK, and the Netherlands were the top five economies in terms of innovation in 2021, respectively.
China is nearing the top 10 while Türkiye and India enter the top 40 for the first time, according to the GII 2022. According to a WIPO statement, India leads the Central and Southern Asia region and reaches the top 40, after making it into the top 50 in 2020. India is followed in the region by Iran, which ranked 53 in the index, and Uzbekistan, which secured 82nd spot in the rankings.
According to a statement from the World Intellectual Property Organization (WIPO), “India continues to lead the world in ICT (information and communication) services exports and holds top rankings in other indicators, including venture capital receipt value, finance for start-ups and scale-ups, graduates in science and engineering, labor productivity growth and domestic industry diversification.”
The GII report also stated that despite the Covid-19 pandemic, research and development (R&D) and other investments that fuel global innovative activity continued to expand in 2021. However, obstacles are emerging in transforming innovation investments into effect.
“With their rise in terms of innovation performance in the shadow of shocks to global supply chains, Turkiye and India are positively enriching the global innovation landscape, while Indonesia shows promising innovation potential,” said GII Co-editor and Dean of the Saïd Business School at Oxford University, Soumitra Dutta.
Prime Minister Modi had said on the 75th Independence Day that the next 25 years were crucial for the country, and that it would become a developed nation during the period.