The Global Innovation Index 2020 released on September 2, 2020, has shown India jumped four places to rank at the 48th position. The index has been compiled by the World Intellectual Property (WIPO) along with INSEAD business school and Cornell University.
The Global Innovation Index (GII) presents the latest global innovation trends and the annual innovation ranking of 131 economies. By moving up 4 positions since 2019, India became the third most innovative lower-middle-income economy in the world.
In the latest released GII ranking, Switzerland has bagged the first spot, followed by Sweden, the United States of America (USA), the United Kingdom, and the Netherlands.
Key Highlights:
• India increased the most in three pillars: business sophistication (55th), Institutions (61st), and Creative Output (64th).
• As the data shows stability at the top, it also clearly indicates that a gradual westward shift in the locus of innovation is underway, with a group of Asian economies that are advancing up the rankings.
• India, China, Vietnam, and the Philippines have made the most progress on the index in recent years, with all the four now among the top 50.
• China, the only middle- income economy among the top 30, now holds the 14th.
India’s improved position on the Global Innovation Index:
As per the report, the jump in India’s position can be attributed to the newly available indicators as well as the improvements in various areas of the Global Innovation Index (GII).
India has ranked in the top 15 in indicators such as government online services, ICT service exports, R&D intensive global companies, and graduates in Science and Engineering.
The report noted that because of the contributions of the universities such as the Indian Institute of Technology in Delhi and Bombay and the Indian Institute of Science in Bengaluru and its top scientific publications, India is now the lower-middle-income economy with the highest innovation quality.
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