A new report released by the World Intellectual Property Organisation (WIPO) on 29 September shows India has made significant progress in the global innovation index ranking, reaching the top 40 for the first time.
In the report, the most innovative economies in the world are Switzerland, the United States, Sweden, the United Kingdom and the Netherlands. Furthermore, India jumps to 40th place, while Turkey moves up to 37th place, with emerging economies showing consistently strong performance.
It has made its way into the top 40 this year after entering the top 50 earlier in 2020. In spite of the COVID-19 pandemic, research and development (R&D) and other investments that drive worldwide innovation continued to boom in 2021, but challenges arise in translating these investments into impact.
As part of its 15th edition, the GII 2022 report is published by WIPO in collaboration with Portulans Institute and with the support of corporate partners such as the Confederation of Indian Industry (CII), Ecopetrol (Colombia), the Brazilian National Confederation of Industry (CNI), and the Turkish Exporters Assembly (TIM).
The WIPO report said, “India is the innovation leader in the lower middle-income group. It continues to lead the world in ICT services exports and holds the top ranking in other indicators, including venture capital receipt value, finance for startups and scaleups, graduated in science and engineering, labour productivity growth and domestic industry diversification.”