India ranks 54th in how its domestic policies support worldwide innovation, according to an analysis released by the Information Technology and Innovation Foundation (ITIF), a global technology policy think tank.
The findings come in a new report assessing 56 countries - comprising close to 90 per cent of the world's economy - on the extent to which, on a per capita basis, their economic and trade policies contribute to and detract from innovation globally.
The report found a strong correlation between countries' contributions to global innovation and their levels of domestic innovation success. ITIF urges policymakers, economists and pundits to consider innovation as important as trade for optimising global growth.
Secondly, the report calls on the global development and trade community to establish a framework that better distinguishes between policies that are beneficial for the world's innovation ecosystem and those that are detrimental.
Finally, it argues leading nations should set up a Global Science and Innovation Foundation to fund scientific and engineering research on key challenges.