New Delhi: India, for the first time, made it to the top 50 countries at the Global Innovation Index (GII) led by improvement in information and communication technologies (ICT) services exports, government online services, and R&D-intensive global companies.
India’s four-notch jump to the 48th spot in the 131-nation GII in 2020 made it the third most innovative lower middle-income economy in the world, World Intellectual Property Organization (WIPO) said on Wednesday.
The index is co-published by Cornell University, Insead and the WIPO. It surveys 131 economies around the world, using 80 indicators to gauge both innovative activities and measurable results. The Confederation of Indian Industry is the knowledge partner of GII 2020.
“Thanks to universities such as the Indian Institute of Technology in Bombay and Delhi and the Indian Institute of Science in Bengaluru, and its top scientific publications, India is the lower middle-income economy with the highest innovation quality,” the Geneva-based organisation said in a statement.
As per the report, India became the third most innovative lower middle-income economy in the world, thanks to newly available indicators and improvements in various areas of the GII. It ranks in the top 15 in indicators such as ICT services exports, government online services, graduates in science and engineering, and R&D-intensive global companies.
“The GII shows year-on-year stability at the top, but a gradual eastward shift in the locus of innovation as a group of Asian economies – notably China, India, the Philippines and Viet Nam – have advanced considerably in the innovation ranking over the years,” it said.
India, China, the Philippines, and Viet Nam are the economies with the most significant progress in their GII innovation ranking over time, according to the report. All four are now in the top 50.
Switzerland, Sweden, U.S., U.K and Netherlands lead the innovation ranking, with a second Asian economy – the Republic of Korea – joining the top 10 for the first time (Singapore is number 8). The top 10 is dominated by high-income countries.
In Video: Global Innovation Index 2020: India jumps 4 places, ranks among top 50 countries for first time ever