India's Holding 40th in the Global Innovation Index in 2023 owing to consistent innovation excellence

The Global Innovation Index (GII) 2023 was launched in India by the NITI Aayog, the Confederation of Indian Industry (CII), and the World Intellectual Property Organisation (WIPO), Geneva. India's ongoing improvement in a number of innovation-related metrics is confirmed by the country maintaining its position as the 40th out of 132 economies, marking a tremendous rise from its 81st rank in 2015 to this noteworthy accomplishment.

The GII 2023 launch was graced by esteemed dignitaries, including Mr. Suman Bery, Vice-Chairman of the NITI Aayog; Dr. V.K. Saraswat, Member (S&T) of the NITI Aayog; Mr. BVR Subrahmanyam, Chief Executive Officer (CEO) of the NITI Aayog; Mr. Daren Tang, Director General of WIPO; Dr. Sacha Wunsch-Vincent, Co-Editor of the GII and Head of the Economics and Statistics Division, WIPO; Professor Rishikesha Krishnan, Director of the Indian Institute of Management, Bangalore; and Mr. Alok Nanda, Co-Chairman of the CII National Committee on Technology, Innovation & Research, and Chief Executive Officer of the GE India Technology Centre.

Dr. Sacha Wunsch-Vincent praised India for advancing consistently in the GII's global rankings, especially the NITI Aayog. He emphasised the outstanding national-level initiatives and data-driven innovation development in India. India stands out among middle-income countries for its constant increase in innovation over the past five years, which is attributable to efficient policies and coordination. He continued by saying that India is in a "sweet spot" for an exciting future innovation journey, one that will rely mostly on its young people, who are strong, well educated, entrepreneurially motivated, and knowledgeable about intellectual property.

Some of the factors that depict GII 2023, including India's continued ascent in the GII, from its 81st rank in 2015 to retaining the current 40th position, underscore the nation's unwavering commitment to innovation. This upward trajectory aligns with the vision of Atma Nirbhar Bharat, championed by Prime Minister Mr. Narendra Modi, emphasizing self-reliance and resilience through innovation. India stands out as the top performer in terms of innovation among the 10 economies in Central and Southern Asia and among the 37 economies in the lower-middle income group.

India has consistently outperformed expectations in terms of its level of development, keeping its status as an "innovation achiever" for the 13th year in a row. It is ranked first in both the knowledge and technology outputs (output pillar) and market sophistication (input pillar) categories. It is also ranked among the top 10 in the input pillars of institutions and infrastructure. The "Domestic Market Scale, bn PPP$" statistic places India at the top. India also holds a top-10 position in six additional metrics, including "ICT Services exports, % total trade," "Venture capital received, value, % GDP," "Finance for startups and scaleups," "Domestic industry diversification," "Unicorn valuation, % GDP," and "Intangible asset intensity, top 15%."

India proudly ranks 35th in innovation outputs, marking an improvement from the previous year. It records 34% of total tertiary graduates in science and engineering in 2021, ranking 11th in this indicator. India's finance for startups and scaleups earns it the 9th position in this category, while the venture capital performance, though slightly lower than the previous year, secures the 6th position.

India demonstrates growth in domestic industry diversification, reflecting a 0.46% increase from the prior year, and ranks 10th in this indicator. It shows substantial growth in patents by origin, ranking 28th globally. Additionally, it achieved the 20th rank in the citable documents H-index in 2022. India's cultural and creative services exports soared in 2021, up by a substantial 21.4% from the prior year, securing the 18th position in this thriving sector.

The introduction of the Global Innovation Index 2023 in India is a shining example of the country's everlasting dedication to innovation and its extraordinary ascent to the top of the global innovation league. India is well-positioned to promote economic growth, foster resilience, and embrace self-reliance through innovation since it constantly exceeds expectations and performs exceptionally well on a number of indices.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.