India has maintained its 40th place out of 132 economies in Global Innovation Index 2023 rankings

According to the World Intellectual Property Organization's Global Innovation Index 2023 rankings, which were released on Thursday (September 28), India has maintained its 40th place out of 132 economies.

Read more : IMD: India fell four places to 56th out of 64 economies in the 2023 World Talent Ranking, from 52nd in 2022

The World Intellectual Property Organisation (WIPO), an organisation of the United Nations, published the 16th edition of the index on Wednesday, which rates nations' economies according to their capacity for innovation.

According to the Aayog, India has been moving up the Global Innovation Index (GII) rankings over the previous few years, moving from 81st in 2015 to 40th in 2023.

According to the recently released GII 2023 ranking, India has kept its top spots in several important indicators, including the export of ICT services (5th rank), venture capital flow (6th rank), the number of science and engineering graduates (11) and the number of global corporate R&D investors (13). India has also maintained its 40th place overall in the global innovation rankings.

According to a WIPO statement, India continues to dominate the lower middle-income nation category in overall rankings.

132 nations are ranked according to their capacity for innovation in the GII 2023, which tracks global innovation trends using 80 metrics.

The enormous intellectual capital, the thriving start-up ecosystem, and the great work performed by the public and private study organisations are responsible for the GII ranking's ongoing development, according to a release from the planning agency.

The Atal Innovation Mission has, above all, contributed significantly to the growth of the innovation ecosystem. The NITI Aayog has continuously focused on tracking and assessing India's standing in the international rankings, especially in the GII, it was said.

Intangible asset intensity (8th rank), overall market sophistication (20th rank), and exports of cultural and creative services as a percentage of trade are other areas where India scored somewhat better.

Governments all over the world can examine the innovation-driven social and economic changes in their nations using the GII.

The GII has established itself over time as a policy tool for numerous governments, assisting them in considering the current state of affairs. The innovative economy that performs the best in Central and Southern Asia is India, which is placed 40th overall and first among lower middle-income nations.

Bangladesh remained at the same 116th place among 132 countries on the index from 2018 to 2021 before rising 14 spots to be in the 102nd position in the GII 2022.

Switzerland, which had a score of 67.6 out of 100, led the list of other countries for the 13th year in a row, followed by Sweden, the United States, the United Kingdom, and Singapore.

OTT India updates you with the latest news, The Country’s no.1 digital news platform OTT India. Keeps you updated with national, and international news from all around the world. For more such updates, download the OTT India app on your Android and IOS device