India has advanced significantly from the 81st spot in 2015 to the 40th spot in 2022

India has improved its ranking on the Global Innovative Index and moved into the top 40 list. The country was ranked 46 the last time.

Pointing out that the country had advanced significantly from the 81st spot in 2015 to the 40th spot in 2022, Union Minister for Commerce and Industry Piyush Goyal stated, "We have also maintained 1st rank in ICT services exports over the years,".

In a message on Twitter to announce the World Intellectual Property Organization's Global Innovation Index, 2022, Goyal wrote, "India Innovating Like Never Before! India climbs to the 40th rank in the Global Innovation Index of @WIPO, a huge leap of 41 places in 7 years. The steady rise testifies that India under the leadership of PM @NarendraModi ji is rapidly emerging as the global innovation hub."

The Minister also thanked WIPO on behalf of 1.3 billion Indians and stated that India now hopes to move up the GII Index rankings to the top 25. He added that the GII has become a tool for governments throughout the globe to reflect on policies and their impact.

He asserted that the GII had over the years acknowledged India's continual rise as a result of constructive actions taken by the government and businesses working together.

Goyal emphasised that innovation will build the foundation for India's development as the "knowledge economy" becomes more significant. He continued by saying that incubation, support, finance, industry-academic partnerships, and mentorship have sparked the "entrepreneurial spirit" across the nation.

Noting that domestic filing of patents saw a 46% increase in the previous five years, he said that India is fast transforming into a knowledge economy.