Context:
India secured the 39th position out of a total of 133 economies in the recently released Global Innovative Index (GII) 2024.
Key Findings of the Index
In the latest 17th edition, Switzerland (67.5), Sweden (64.5), and the United States of America (62.4) rank as the top three countries in both the overall Global Innovation Index list and the high-income group.
- Switzerland ranks first in the GII for the 14th consecutive year.
China, ranked 11th in the GII 2024, is the only middle-income economy within the GII top 30.
China, for a second consecutive year, leads with the most clusters (26) in the top 100. The United States follows, with 20 clusters, then Germany with eight.
India’s Ranking
- India with a score of 38.3 (out of 100) ranked 39th, indicating a slight improvement from last year when India’s score was 38.1 and was ranked 40th out of 132 countries.
- India emerged as one of the fastest-rising economies alongside China and Turkey.
- Furthermore, India ranks 4th globally in the Science & Technology (S&T) Cluster Ranking, with 4 clusters (Mumbai, Delhi, Bengaluru, and Chennai) listed among the World’s top 100 S&T clusters.
- India ranks first among 38 lower-middle-income economies.
- India also ranks first among the 10 economies in Central and Southern Asia.
About the Global Innovation Index (GII)
- The Global Innovation Index (GII) is an annually released report by the World Intellectual Property Organization (WIPO).
- It serves as a benchmark for evaluating innovation trends globally.
- It was launched in 2007 by INSEAD and World Business, a British magazine. WIPO has co-published the GII with Cornell University and INSEAD since 2021.
The GII report is based on over 80 indicators, compiled under seven parameters:
- Institutions, Human Capital and Research, Infrastructure, Market Sophistication, Business Sophistication, Knowledge and Technology Outputs, and Creative Outputs.
The Global Innovation Tracker 2024 addresses these crucial questions by assessing four key stages in the innovation cycle.
- science and innovation investment;
- technological progress;
- technology adoption; and
- the socioeconomic impact of innovation.
Government Initiatives for Innovation
- Start-Up India: The Indian government has launched Start-Up India to nurture a strong ecosystem for startups, encouraging innovation and entrepreneurship. This initiative plays a vital role in promoting new businesses and attracting investment across the country.
- Digital India: Digital India aims to transform India into a digitally empowered society by improving infrastructure and digital literacy. This initiative is essential for enhancing access to technology and services, driving economic growth in the digital age.
- The Atal Innovation Mission (AIM): The Atal Innovation Mission focuses on fostering innovative thinking in schools and providing support to startups across various sectors. By encouraging creativity and collaboration, this initiative helps position India as a leader in global innovation.
Conclusion
The new ranking reflects India’s growing potential as a global innovation leader, particularly through government initiatives that prioritize technological advancement and entrepreneurship.