India climbs to the 40th rank in the Global Innovation Index

IndiGlobal Media

2 years ago

IndiGlobal Bureau

With buoyancy in the information and communication technologies (ICT) services exports, India rose to 40th among 132 countries in the Global Innovation Index 2022. This is the first time India is in top 40. India jumped six places from a year ago, according to the rankings released by the World Intellectual Property Organisation (WIPO).

The rise is being attributed mainly due to the improvement in ICT service exports, venture capital recipients’ value as well as finance for start-ups.

India’s rank has risen by 41 places since 2015, when it was at the 81st spot. The country’s rank stood at 46 in 2021 in the index that tracks innovation both in government policies and industry practices. Along with India Turkey too has got into the top 40 list for the first time, while China is in the top 10 at the threshold.

Switzerland, the US, Sweden, the UK and the Netherlands are the world’s most innovative economies.

Commerce and Industry Minister Piyush Goyal said in a tweet expressed, “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 is rapidly emerging as the global innovation hub.”

Mr Piyush said that India aspires to be among the top 25 in the GII index. The World Intellectual Property Organization (WIPO) said on Thursday that India’s six-notch jump to 40th place in the 132-nation GII in 2022 from 46th place in 2021 elevated it to the top most innovative lower middle-income economy in the world, surpassing Vietnam.

The GII identifies the world’s most innovative economies by ranking the innovation performance of 132 economies. According to the report, India continues to lead the world in ICT services exports, ranking first, while also ranking first in other indicators such as Venture capital recipients’ value (6th), Domestic industry diversification (14th). Graduates in science and engineering (11th), Labor productivity growth (12th), and Finance for startups and scaleups (8th)