India has moved up four positions on the annual Global Innovation Index (GII) of the World Intellectual Property Organisation (WIPO) to make it to the top-50 list for the first time. Switzerland, Sweden, US, UK and Netherlands topped the annual ranking this year. As per the organisation, India, China, the Philippines, and Vietnam have been the economies with the most significant progress in their GII innovation ranking over the years. All four are now in the top 50. India was ranked at 81 on the list in 2015.
India is also the third most innovative lower middle-income economy in the world, ranking in the top 15 indicators such as ICT services exports, government online services, graduates in science and engineering, and R&D-intensive global companies.
Thanks to universities such as the Indian Institute of Technology in Bombay and Delhi, and the Indian Institute of Science in Bengaluru, and its top scientific publications, India is the lower middle-income economy with the highest innovation quality, according to the Global Innovation Index (GII) 2020.
Several economies outside the top ranks are among the top performers in specific innovation pillars. For example, India’s high ranks in metrics like knowledge, technology outputs, and market sophistication have far exceeded its other GII rankings. The top 100 clusters are located in 26 economies, of which six — Brazil, China, India, Iran, Turkey, and the Russian Federation — are in middle-income economies. Venture Capital (VC) investments are concentrated in a few VC hot spots in the world, and only a few of those hot spots are in emerging economies — notably in China and India.
The theme for this year's GII was ‘Who Will Finance Innovation? It looked to see how the fallout from the COVID-19 pandemic would affect several sections of funding innovation including, startups, venture capital, and other traditional sources of innovation financing. The COVID-19 pandemic is severely pressuring a long-building rise in worldwide innovation, likely hindering some innovative activities while catalyzing ingenuity elsewhere, notably in the health sector, the organisation said. (Source: Money Control)