India Rises in Global Innovation Index: Now 39th Among 133 Economies
India has made impressive strides in innovation, moving up 42 spots in the Global Innovation Index (GII) since 2015. The latest report, released on September 27, ranks India 39th out of 133 economies.
Key Achievements
The GII measures various factors that drive innovation. India now leads among 38 lower-middle-income economies. This shows India’s growing role in the global innovation scene, especially among developing countries.
Government's Role
Union Minister Piyush Goyal credited this success to strong leadership and a focus on innovation. In a post on social media platform X, he highlighted India’s achievements, including being ranked 1st among 10 economies in Central and Southern Asia and 4th in the World Intellectual Property Organisation (WIPO) Science and Technology Cluster Ranking.
Economic Context
India’s budget for the current fiscal year projects a GDP growth of 10.5%, with a fiscal deficit set at 4.9% of GDP. These figures indicate a strong economic outlook, supporting the country’s innovation efforts.
Regional Leadership
The GII report notes India’s dominance in the region, placing it first in Central and Southern Asia. It also ranks India 4th in the WIPO S&T Cluster Ranking, further showcasing its commitment to research and technological growth.
Cities Leading in Innovation
Cities like Mumbai, Delhi, Bengaluru, and Chennai have made it to the list of the world’s top 100 Science and Technology clusters, reinforcing India’s status as a hub for innovation.
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Strength in Intangible Assets
India ranks 7th globally in intangible asset intensity, highlighting its strength in non-physical assets like patents and trademarks, which are vital for innovation.
This rise in the GII rankings reflects India’s dedication to fostering innovation and its increasing impact on the global stage. The country’s focus on research and development, along with supportive government policies, has created an environment conducive to technological advancements. As India continues to invest in education and infrastructure, it is poised to become a leader in global innovation. This progress not only enhances India’s competitiveness but also attracts foreign investments, creating new opportunities for growth and development. Ultimately, India's journey in the GII signals a bright future, with the potential to influence innovation trends worldwide and contribute significantly to global economic growth.
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