India slowly emerging as global innovation hub, breaks into top 40 of Global Innovation Index

In a report by the Geneva-based World Intellectual Property Organization (WIPO), one of the 15 specialized agencies of the UN, India climbed six notches to 40th position in the Global Innovation Index 2022 on account of improvement in several parameters. India was ranked 81st in 2015 which has seen a steady improvement since then.

The top position was occupied by Switzerland for the 12th consecutive year. It was followed by the US, Sweden, the UK, and the Netherlands. China was placed in the 11th position. The rankings are based on parameters like institutions, human and capital research, infrastructure, market sophistication, and business sophistication.

The index said that India is the innovation leader in the lower middle-income group, and continues to lead the world “in ICT services exports and holds top rankings in other indicators, including venture capital receipt value, finance for startups and scaleups, graduates in science and engineering, labor productivity growth and domestic industry diversification.”

With India’s progress in ranking, Union commerce and textiles minister Piyush Goyal tweeted the country is 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 Prime Minister Narendra Modi is rapidly emerging as the global innovation hub,” Goyal said.

He further said India had come a long way in the Global Innovation Index (GII) from the 81st spot in 2015 to the 40th position in 2022.

NITI Aayog Vice Chairman Suman Bery said that India’s jump s a testament to the Prime Minister’s commitment to making India an innovation hub.