India Maintains 40th Rank in Global Innovation Index 2023

• 29 Sep 2023

India has retained its 40th position among 132 economies in the Global Innovation Index (GII) 2023, as recently reported by the World Intellectual Property Organization (WIPO).

Key Points

• India's Consistent Improvement: India's steady climb in the GII ranking is attributed to its rich knowledge capital, a thriving startup ecosystem, and remarkable contributions from both public and private research organizations.
• NITI Aayog highlighted its efforts to drive policy-led innovation in various sectors, including electric vehicles, biotechnology, nanotechnology, space, and alternative energy sources.
• India's Standing among Middle-Income Economies: WIPO's report noted that, apart from India, only four other middle-income economies are in the top 40, including China (12th), Malaysia (36th), Bulgaria (38th), and Türkiye (39th).
• India also leads as the top innovation economy among lower-middle-income countries, with Vietnam and Ukraine following suit.
• Innovation Overperformers: India, the Republic of Moldova, and Vietnam have consistently outperformed in innovation for 13 consecutive years, according to the report.
• Global Unicorn Distribution: The report highlighted that five economies host 80 percent of the world's unicorns: the US (54 percent), China (14 percent), India (6 percent), the United Kingdom (4 percent), and Germany (2 percent).
• Out of a total unicorn valuation of $3.8 trillion in 2023, the US held $2 trillion, followed by China with $736 billion and India with $193 billion.
• Government and Innovation Ecosystem: Various government departments, including scientific ones like the Department of Science and Technology, the Department of Biotechnology, and the Department of Space, have contributed significantly to India's innovation ecosystem.
• Initiatives such as the Atal Innovation Mission have played a pivotal role in expanding the innovation landscape.

About the Global Innovation Index (GII)

• An annual publication measuring an economy's innovation performance.
• Widely used by numerous countries to evaluate and enhance their innovation ecosystems.
• Recognized by the UN Economic and Social Council as a benchmark for measuring innovation in relation to Sustainable Development Goals (SDGs).

Indicators of the GII

• Parameters include 'institutions', 'human capital and research', 'infrastructure', 'market sophistication', 'business sophistication', 'knowledge and technology outputs', and 'creative outputs'.

About WIPO (World Intellectual Property Organization)

• Global forum for intellectual property (IP) services, policy, information, and cooperation.
• A self-funding agency of the United Nations with 193 member states.
• Aims to develop an equitable international IP system fostering innovation and creativity for the benefit of all.
• Established in 1967 under the WIPO Convention, outlining its mandate, governing bodies, and procedures.