Page 4 - Innovation

India climbs one position to 39th rank in Global Innovation Index 2024

India climbed one place to 39th rank out of 133 economies in the Global Innovation Index (GII) 2024 rankings, according to a report by the Geneva-based World Intellectual Property Organization. Last year, the country was ranked 40th. "India rises to 39th position among 133 global economies in the Global Innovation Index 2024," Commerce and Industry Piyush Goyal said in a post on social media platform X. India's innovation landscape continues to flourish, powered by our innovators and entrepreneurs, he said. The consistent improvement in the GII ranking is owing to the knowledge capital, vibrant start-up ecosystem, and the amazing work done by the public and private research organisations. The GII is a reliable tool for governments across the world to assess the innovation-led social and economic changes in their respective countries. Switzerland, Sweden, the United States, Singapore and the United Kingdom are the world's most innovative economies, while China, Turkiye, India, Vie

Goa CM launches GURU plan to boost innovation in biotech, tech sectors

Goa Chief Minister Pramod Sawant on Wednesday inaugurated the Goa University Research Park Unit (GURU) initiative under the UniGoa Knowledge and Innovation Foundation and distributed the sanction letters to teams under the Hand Holding and Start-Up Scheme 2023-24.Taking to social media platform X, Sawant informed that the GURU initiative had provided an investment of Rs 12.85 crore to establish state-of-the-art facilities and equipment to support young innovators.He further said that the initiative symbolises the knowledge and mentorship that will propel Goa's advancement in biotechnology, healthcare, information technology, and electronics innovation."I am glad to inaugurate the Goa University Research Park Unit--GURU (UniGoa Knowledge and Innovation Foundation) and distribute the sanction letters to teams under the Hand Holding & Start-Up Scheme 2023-24. The event was graced by the presence of Vice Chancellor Shri Harilal Menon, Education Secretary Shri Prasad Lolyekar, and ...

Innovation, competition, ambition: Why Indian firms must invest more in R&D

The success story of a few dozen firms could fire Indian industry to build proprietary technology and deploy it worldwide

Need innovation-driven value creation in biotech: Kiran Mazumdar-Shaw

Biocon Chairperson Kiran Mazumdar-Shaw on Thursday called for more investment in research and development to drive innovation and foster culture of intellectual property. She highlighted how the country, already the world's largest exporter of generics and a major player in vaccine production, can achieve greater value by nurturing innovation. Mazumdar-Shaw called for a shift in focus toward value creation through innovation. "India ranks 14th in terms of value in the global pharma landscape. We need to invest in R&D and foster a culture of intellectual property to capture greater value," she said. Addressing a session during the Global Bio-India 2024 event, she positioned the country as a future global leader in biosciences and innovation. Mazumdar-Shaw emphasized India's unique advantages in becoming a global bio-innovation hub, citing the nation's rich scientific talent, robust technological capabilities, and entrepreneurial drive. "Biology is not only the most exciting and ...

NITI Aayog invites EoI for undertaking research on India Innovation Index

Government think tank Niti Aayog has invited expressions of interest (EoI) for undertaking research on India Innovation Index. The index is envisaged to encourage states/UTs to examine and improve their innovation environment and performance, which could further lead to improvement in India's overall innovation performance. It is designed as a holistic tool which can be used by policymakers across the country to identify the challenges to be addressed and the strengths to leverage when designing the economic growth policies for their regions. The India Innovation Index is calculated as the average of the scores of factors under 'Enablers' and 'Performance'. Enablers are the factors that underpin innovative capacities, grouped in five pillars -- human capital, investment, knowledge workers, business environment, and safety and legal environment. The Performance captures benefits that a nation derives from the inputs, divided in two pillars -- knowledge output and knowledge ...

India key market for Syngenta, focus on innovation for farmers: CEO Rowe

Global agricultural company Syngenta considers India one of its most important markets worldwide with a strong focus on bringing innovation to Indian farmers and enhancing food security, according to CEO Jeff Rowe. In an interview with PTI, Rowe highlighted the unique challenges and opportunities in the Indian market. "The rapid growth of the market is both a challenge and an opportunity. While it brings some hurdles, the opportunities far outweigh the challenges," he said. Syngenta's offerings are tailored to meet the specific needs of Indian farmers. "We have some of the best new products that we are bringing to the market. As a global company operating in over 100 countries, we prioritize bringing our innovations to India early," he stated. The company's expansion plans in India focus on introducing new production practices for more sustainable, effective, and profitable farming. Rowe sees potential across India but noted the northern region's importance as the country's ...

SAP Labs India to house two global AI roles; to drive global innovation

These strategic appointments include Rahul Lodhe as the Global Head of Engineering for SAP Business AI Copilot Joule and Sudhakar Singh as the Chief AI Security Officer

Govt notifies governing council to set up framework for Data Innovation Lab

The council will also have representation from NITI Aayog, the Indian Statistical Institute, and the Department of Science & Technology (DST)

Credit on ONDC and OCEN awaits their 'UPI moment' as deployment begins

A lot of interest in joining an open network also boils down to how operational costs can be brought down in lending businesses. NBFCs and fintech could drive credit innovation on open networks

From back offices to strategic hubs, GCCs in India shaping MNC operations

Gradually, leaders at India-based GCCs are gaining greater autonomy, influencing enterprise architecture and participating in budgeting, staffing, and other operational decisions

Govt reconstitutes NITI Aayog; new ministers join as members, spl invitees

The vice chairman and full-time members of the apex public policy think tank remain unchanged

Limited innovation forces wearables market players to reassess strategy

Industry insiders say that the decline in demand is a result of cheaper products flooding the market, in combination with a base correction

Will work on boosting research, innovation in third term, says PM Modi

Prime Minister Narendra Modi on Friday said the qualitative changes in India's education sector are reflected in the QS World University Ranking and his government will work on further boosting research and innovation in the third term. "Over the last decade, we have focused on qualitative changes in the education sector. This is reflected in the QS World University Rankings. Compliments to the students, faculty and institutions for their hard work and dedication. In this term, we want to do even more to boost research and innovation," the PM wrote on X. The Indian Institutes of Technology (IITs) Bombay and Delhi are among the top 150 universities in the world, while the Massachusetts Institute of Technology (MIT) retained the top rank globally for the 13th time, according to the QS World University Ranking-2025 announced on Wednesday. While IIT Bombay climbed from 149 last year to 118, up by 31 ranks, IIT Delhi improved its rank by 47 points to bag the 150th position ...

Genpact launches innovation centre in Gurugram to support AI-first approach

'The centre will be a launchpad for innovation, facilitating talent to learn, experiment, and build holistic, AI-focused growth-oriented solutions for Genpact's global clients,' the company said

IndusInd Bank successfully executes RBI's programmable CBDC pilot

For this pilot, IndusInd Bank collaborated with circularity innovation hub

CNH's India technology centre to be the largest by the end of CY24

The centre, which has a headcount of 700, will touch 1,000 by the end of CY24

India's most innovative cities including Bengaluru run out of water

Tech professionals are leaving India's IT hub of Bengaluru amid an intensifying drought that has gripped the city as it sweats through another torrid pre-monsoon season

TCS BaNCS selected by Central Bank in US for core technology modernisation

Central Bank manages more than $20 billion in assets, serving more than 150 locations in 78 communities throughout Missouri, Kansas, Illinois, and Oklahoma

Healthcare innovation to double at $60 bn opportunity by FY28 in India

Indian vaccines and biotech market, which was valued at $4 billion in FY23, accounting for 15 percent of the innovation market, has quickly grown from $1.2 billion in FY20

Deepening US-India ties through innovation, trade

This trade mission builds on US Secretary of Commerce Gina Raimondo's March 2023 trip to India to co-lead the US-India Commercial Dialogue