 "Innovation Revolutions")
India retained its 40th rank out of 132 economies in the Global Innovation Index 2023 rankings published by the World Intellectual Property Organisation (WIPO) on Thursday. The ranking was topped by Switzerland, followed by Sweden and the USA. India's ranking has improved 26 places from 66th in 2013.
"The consistent improvement in the GII ranking is owing to the immense knowledge capital, the vibrant start-up ecosystem, and the remarkable work done by public and private research organisations," NITI Aayog stated on Thursday.
"NITI Aayog has been working diligently to optimise national efforts for bringing policy-led innovation in various areas such as electric vehicles, biotechnology, nanotechnology, space, alternative energy sources, and so on."
In the report, WIPO noted that, apart from India, only four other middle-income economies are among the top 40, namely, China (12th), Malaysia (36th), Bulgaria (38th), and Türkiye (39th). India was also highlighted as the top innovation economy among the lower-middle-income countries, followed by Vietnam and Ukraine.
"India, the Republic of Moldova, and Vietnam continue to set records by being innovation overperformers for a 13th consecutive year," the report said.
Five economies host 80 per cent of all the world's unicorns, namely, the US (54 per cent), China (14 per cent), India (6 per cent), the United Kingdom (4 per cent), and Germany (2 per cent). Out of a total unicorn valuation of $3.8 trillion in 2023, US unicorns accounted for $2 trillion, followed by China with $736 billion and India with $193 billion.
Apart from infrastructure, India was the top performer in all other criteria within the Central and South Asian region. In human capital and research, it stood at 48th; in business sophistication, it ranked 57th; and it secured the 22nd spot in knowledge and technology outputs.
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"Strong indicators include information and communication technology (ICT) services exports (5th), venture capital received (6th), graduates in science and engineering (11th), and global corporate research and development (R&D) investors (13th)," the report stated.
"All departments of the government, including scientific departments such as the Department of Science and Technology, the Department of Biotechnology, the Department of Space, and the Department of Atomic Energy, as well as departments like the Ministry of Electronics and Information Technology, Department of Telecommunications, Department of Agricultural Research & Education, and the Department of Health Research, have played a pivotal role in enriching the National Innovation Ecosystem," NITI Aayog stated.
"Most importantly, the Atal Innovation Mission has played a major role in expanding the innovation ecosystem," it added.
