Home FINANCE India up six places at 40th in innovation index

India up six places at 40th in innovation index

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NEW DELHI: India has entered the top 40 economies in the 2022 global innovation index, jumping six places from last year and bagging the top position among 36 lower middle-income group economies. It also topped the list of 10 economies in central and South Asia.

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Switzerland, the US, Sweden and the Netherlands are the world’s most innovative economies, according to the Global Innovation Index (GII) unveiled by the World Intellectual Property Organisation (WIPO). India and Turkiye have entered top 40 for first time.
“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 potential,” said Soumitra Dutta, GII co-editor and dean of the Said Business School at Oxford University.
India (40) leads the central and south Asian region and reaches the top 40, after making it into the top 50 in 2020. The Islamic Republic of Iran (53) and Uzbekistan (82) follow. India has moved up the ranking consistently since 2015 when it was ranked 81st.
“Innovation is the buzzword across India. Proud of our innovators. We’ve come a long way and want to scale even newer heights,” Prime Minister Narendra Modi said on micro blogging site Twitter.
India is the innovation leader in the lower middle-income group. It continues to lead the world in ICT (information, communication and tech) services exports and holds top rankings in other indicators, including venture capital receipt value, finance for startups and scaleups, graduates in science and engineering, labour productivity growth and domestic industry diversification, according to the WIPO report.
In its annual ranking of the world’s economies on innovation capacity and output, the GII shows some key changes in the top 15 of the ranking, with the US climbing to the second position, the Netherlands reaching the fifth position, Singapore rising to 7th, Germany at 8th and China up one place to 11th and on the doorstep of the top 10, according to GII.
Canada is back among the top 15 global innovators (15th). Turkiye (37th) and India (40th) enter the top 40 for the first time. Beyond these, Vietnam (48), the Islamic Republic of Iran (53rd) and the Philippines (59th) are the middle-income economies with the fastest innovation performance growth to-date, according to the index.