India stands at 40th spot in the Global Innovation Index (GII) 2022 from the 81st position in 2015, the government said on Thursday, underlining that the country is rapidly emerging as the global innovation hub.
Minister of commerce and industry Piyush Goyal tweeted that India is “innovating like never before” under the leadership of Prime Minister Narendra Modi.
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. pic.twitter.com/pltqW8kdUh
— Piyush Goyal (@PiyushGoyal) September 29, 2022
The World Intellectual Property Organization (WIPO) in its statement said, “India continues to lead the world in ICT (information and communication) services exports and holds top rankings in other indicators, including venture capital receipt value, finance for start-ups and scale-ups, graduates in science and engineering, labor productivity growth and domestic industry diversification.”
Global Innovation Index is annual ranking given to the countries on the basis of their capacity or success in innovation. The most innovative economy of 2021 was Switzerland, followed by the US. China was among the top 10 innovative countries.
The GII report also said research and development (R&D) and other investments that drive worldwide innovative activity continued to boom in 2021 despite the Covid-19 pandemic, but challenges are emerging in translating innovation investments into impact.
Meanwhile, GII Co-editor and Dean of the Saïd Business School at Oxford University, Soumitra Dutta, said, “With their rise in terms of innovation performance in the shadow of shocks to global supply chains, Türkiye and India are positively enriching the global innovation landscape, while Indonesia shows promising innovation potential.
Prime Minister Modi had said on the 75th Independence Day that the next 25 years were crucial for the country, and that it would become a developed nation during the period.
“We have to make India a global centre of research and innovation in this Amrit Kaal. States should adopt best practices from other states. This will be a step towards ensuring timely and effective implementation of science-led development programmes in the country,” PM Modi had said in his address to the nation on August 15.
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