India ranks 40th in 2023 Global Innovation Index, continues to shine as a leader in innovation in 2024
| 2024-09-04
Representative image.
India has consistently overperformed in the innovation parameter for 13 consecutive years
India has once again solidified its position as a global leader in innovation, securing the 40th rank out of 132 economies in the 2023 edition of the Global Innovation Index (GII), as published by the World Intellectual Property Organization (WIPO).
India's journey in the Global Innovation Index has been nothing short of remarkable. From a modest rank of 81 in 2015, the country has made significant strides, climbing steadily up the rankings to reach 40th place in 2023. This progress develops from the country's commitment to fostering an environment conducive to innovation, supported by strong government policies, a vibrant start-up ecosystem, and a robust research and development framework.
The NITI Aayog, India's premier policy think tank, highlighted this achievement, noting that India has consistently overperformed in the innovation parameter for 13 consecutive years. The GII 2023 report further reinforces this, identifying India as one of the countries that has shown the most significant improvement in innovation performance over the last decade.
India Excels in Several Key Areas
The Global Innovation Index 2023 assesses the innovation ecosystem of 132 economies worldwide, using 80 indicators to track global innovation trends. India's performance across these indicators has been particularly noteworthy, with the country excelling in several key areas.
India ranks 5th globally in ICT services exports, reflecting its dominance in the information technology sector. The country has also secured the 6th position in the flow of venture capital, indicating a strong investment environment that supports innovative enterprises. Additionally, India ranks 11th in the number of graduates in science and engineering, highlighting the country's emphasis on nurturing a skilled and knowledgeable workforce.
Furthermore, the country has achieved the 13th rank in global corporate R&D investors, showcasing the significant contributions of both public and private research organizations in driving innovation.
India's strong performance in these areas is a clear indicator of its growing influence in the global innovation landscape. The country has not only maintained its overall ranking but has also emerged as a leader among lower middle-income countries, consistently outperforming expectations relative to its level of economic development.
Innovation has played a crucial role in India's response to the unprecedented challenges posed by the Covid-19 pandemic. The NITI Aayog emphasized that innovation has been at the forefront of the country's efforts to navigate the crisis, driving resilience and recovery. This approach aligns with Prime Minister Narendra Modi's vision of Atma Nirbhar Bharat, which seeks to build a robust and self-sufficient economy through innovation and indigenous capabilities.
Consistent Improvement in India's Ranking
The consistent improvement in India's GII ranking can be attributed to several factors. First and foremost is the country's immense knowledge capital. India boasts a large pool of highly educated and skilled professionals, particularly in the fields of science, technology, engineering, and mathematics (STEM). This knowledge capital is further enhanced by the efforts of public and private research organizations that continue to push the boundaries of innovation.
The vibrant start-up ecosystem in India is another key driver of innovation. Over the past decade, India has witnessed a surge in entrepreneurial activity, with start-ups emerging as major contributors to the economy. These start-ups, often fuelled by venture capital investments, are at the forefront of developing cutting-edge technologies and solutions that address both domestic and global challenges.
The Global Innovation Index has established itself as a reliable tool for governments around the world to assess the impact of innovation on social and economic development. For India, the GII serves as a valuable resource for reflecting on the status of innovation and identifying areas for improvement.
The NITI Aayog pointed out that the GII has helped the Indian government to better understand the dynamics of innovation and its role in driving economic growth. By analysing the indicators and rankings provided by the GII, policymakers can make informed decisions that promote innovation-led development. This approach has been instrumental in shaping India's innovation policy and ensuring that the country remains competitive on the global stage.
While India's progress in the Global Innovation Index is commendable, challenges remain. The country must continue to address issues such as infrastructure development, access to funding for start-ups, and the need for greater collaboration between academia and industry. Moreover, fostering an innovation-friendly regulatory environment will be crucial in sustaining and accelerating the momentum gained over the past decade.
India's ability to maintain and improve its ranking in future editions of the GII will depend on its commitment to addressing these challenges. Continued investment in research and development, particularly in emerging technologies such as artificial intelligence, biotechnology, and renewable energy, will be essential. Additionally, efforts to enhance digital infrastructure and expand access to education and training will play a critical role in ensuring that India remains a leader in innovation.
India's 40th rank in the 2023 Global Innovation Index reflects the country's impressive progress in fostering innovation over the past decade. With a strong foundation built on knowledge capital, a thriving start-up ecosystem, and a supportive policy framework, India is well-positioned to continue its ascent in the global innovation rankings.
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