India Maintains 40th Place in Global Innovation Index 2023

India has demonstrated remarkable progress in the realm of innovation, retaining its 40th position in the latest Global Innovation Index 2023, as revealed by the World Intellectual Property Organisation (WIPO). This noteworthy achievement reflects India's ascent from the 81st spot it occupied in 2015, marking eight years of continuous improvement.

NITI Aayog, the Indian government's policy think tank, attributed this consistent advancement in the GII ranking to the nation's abundant knowledge capital, thriving startup ecosystem, and the exceptional contributions of both public and private research organizations.

Here are ten key highlights from the Global Innovation Index 2023 report:

1. Switzerland Leads: Switzerland maintains its top position in the index for the 13th consecutive year. Sweden secures the second spot, with the United States coming in third, followed by the United Kingdom (4th) and Singapore (5th), which enters the top 5.

2. China's Rise: China, the sole middle-income economy within the top 30, now ranks 12th, with Japan closely following at 13th.

3. Rich Dataset: The Global Innovation Index relies on a comprehensive dataset comprising 80 indicators from international public and private sources, extending beyond traditional innovation metrics due to the evolving definition of innovation, as highlighted by WIPO.

4. Consistent Performance: India is among the 21 economies that have consistently outperformed their innovation levels relative to their development status for the 13th consecutive year, joining the ranks of the Republic of Moldova and Vietnam.

5. Electric Vehicle Surge: The report underscores the global surge in electric vehicle sales, rising from four percent in 2012 to 14 percent in 2022. India plays a significant role in this trend, with over half of its three-wheeler registrations in 2022 being electric.

6. Fast Climbers: India, along with Iran, the Philippines, Turkey, Vietnam, and Indonesia, is among the economies that have climbed rapidly in the GII ranking over the past decade.

7. Unicorn Companies: Globally, there are 1,206 unicorn companies located in 50 countries, with five economies hosting 80 percent of them: the United States (54 percent), China (14 percent), India (6 percent), the United Kingdom (4 percent), and Germany (2 percent).

8. Unicorn Valuations: Among these unicorn companies, the United States leads with a valuation of USD 2 trillion, followed by China at USD 736 billion and India at USD 193 billion.

9. India's Strengths: India maintains its 40th position within central and southern Asia and leads in several key areas, including Human capital and research (48th), Business sophistication (57th), and Knowledge and technology outputs (22nd). Notable indicators include ICT services exports (5th), Venture capital received (6th), Graduates in science and engineering (11th), and Global corporate R&D investors (13th).

India's journey in innovation continues to be marked by positive strides, positioning the country as a prominent player in the global innovation landscape.