India climbs to 39th rank in the Global Innovation Index 2024
New Delhi, Sep 26, 2024
India has ranked 39th out of 133 economies in the Global Innovation Index (GII) 2024, according to a report by the Geneva-based World Intellectual Property Organization. This marks an improvement from last year, when the country was ranked 40th.
"India rises to 39th position among 133 global economies in the Global Innovation Index 2024," commerce and industry minister Piyush Goyal announced in a post on the social media platform X.
He said that India's innovation landscape continues to thrive, driven by innovators and entrepreneurs. The improvement in the GII ranking is attributed to India’s knowledge capital, a dynamic start-up ecosystem, and the remarkable contributions of both public and private research organizations.
The index highlighted that India currently leads the lower-middle-income group, having outperformed on innovation for the 14th consecutive year. According to WIPO's Global Innovation Index (GII) 2024, the world’s most innovative economies include Switzerland, Sweden, the United States, Singapore, and the United Kingdom. Meanwhile, China, Türkiye, India, Vietnam, and the Philippines are the fastest climbers over the past decade.
In the GII ranking of over 130 economies, China reached the 11th position and remains the only middle-income economy in the top 30.
The GII is widely recognized as a reliable tool to assess innovation-driven social and economic transformations, guiding policymakers, business leaders, and others in harnessing human ingenuity to address global challenges like climate change.
"In Central and Southern Asia, India (39th) continues to lead, advancing by one spot. The Islamic Republic of Iran (64th, down by two places) follows, with Kazakhstan (78th) in third place. Uzbekistan (83rd) retains its 4th position within the region."
The index also highlighted India’s strengths in key indicators, such as ICT services exports (ranked 1st globally), venture capital received, and intangible asset intensity. India’s unicorn companies have helped secure the country the 8th rank globally.
[The Times of India]
