India has retained its 40th rank out of 132 economies in the Global Innovation Index 2023 rankings published by the World Intellectual Property Organization, NITI Aayog said on Thursday (September 28).
The 16th edition of the index, which ranks world economies according to their innovation capabilities, was released on Wednesday by the World Intellectual Property Organisation (WIPO), an agency of the United Nations.
The Aayog said that India has been on a rising trajectory, over the past several years in the Global Innovation Index (GII), from a rank of 81 in 2015 to 40 in 2023.
India has maintained the 40th position in the overall global innovation ranking while holding top rankings in key indicators including ICT services exports (5th rank), flow of venture capital (6), graduates in science and engineering (11) and global corporate R&D investors (13) in the just released GII 2023 ranking.
India maintains the leading position in overall ranking among the lower middle-income country group too, a WIPO statement says.
The GII 2023 uses 80 indicators to track global innovation trends and ranks 132 countries on the basis of their innovation capabilities.
“The consistent improvement in the GII ranking is owing to the immense knowledge capital, the vibrant start-up ecosystem, and the amazing work done by the public and private research organisations,” the planning agency said in a release.
“Most importantly, the Atal Innovation Mission has played a major role in expanding the Innovation ecosystem. A constant thrust in monitoring and evaluating India’s position in the global rankings has been provided by the NITI Aayog, including in the GII,” it added.
Other parameters where India performed fairly better include cultural and creative services exports as a percentage of trade (18th rank), intangible asset intensity (8th rank), and overall market sophistication (20th rank).
The GII is a reliable tool for governments across the world to assess the innovation-led social and economic changes in their respective countries.
Over the years, the GII has established itself as a policy tool for various governments and helped them to reflect upon the existing status quo. In Central and Southern Asia, India, at 40th, is the best-ranked innovation economy in this region and also performs the best among the lower middle-income group.
Speaking of the ranks of other countries in the index, Switzerland with a score of 67.6 out of 100, for the 13th year, ranked first in the GII 2023, followed by Sweden, the United States, the United Kingdom and Singapore.
Before moving up 14 notches to be in the 102nd position in the GII 2022, Bangladesh was stuck in the same 116th rank among 132 countries on the index from 2018 to 2021.
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