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The World Intellectual Property Organization’s Global Innovation Index now ranks India at number 40. A staggering improvement of 41 spots in just seven years! Previously ranked at number 81 in 2015, India jumped all the way up to number 40 on the GII Or Global Innovation Index in 2022. India performs better than the upper-middle-income overall average in almost all areas of innovation, except in the area of infrastructure, where it performs worse than the group average. India maintains its dominant position in Southern and Central Asia, placing 40th overall and rising from 46th in 2021.
Key Takeaways
- India has climbed six places from the previous year to claim the top spot amongst 36 lower to middle group nations, according to the WIPO’s 2022 global innovation index, which ranks 132 countries’ economies. The nation first ranked among the top 10 economies in South and Central Asia.
- As global supply chains experience shocks, innovative performance has increased. While Indonesia exhibits remarkable potential, India & Turkey are positively enhancing the world of innovation.
About the Global Innovation Index
- The GII, Or the Global Innovation Index, is a rating of countries based on particular indicators, such as their performance & capability in innovation, created by Cornell University, INSEAD, as well as the World Intellectual Property Organisation. Data from objective and subjective measures have been used to create this index.
- Each year, the World Intellectual Property Organisation releases the Global Innovation Index. Using these 81 metrics, the GII evaluates 132 countries. In 2007, INSEAD and the British journal of world business launched this index.
- The scores of two additional indices, the invention input index as well as the innovation output index, are averaged to arrive at this metric. Seven components make up each of these two sub-indices. Seven components make up each of these two sub-indices.
- Each year, the GII highlights the strengths and limitations of crucial innovation criteria to rank the economies’ innovation capabilities. The purpose of this index, which is grounded on current global innovation patterns, is to quantify the degree to which economies’ political climates, educational systems, physical infrastructures, and knowledge creation contribute to the rate at which innovations enter the market.
- GII is calculated using a variety of variables that may also be used to track the health of an economy and to evaluate its growth in relation to that of other economies in the region.
- India scored #48 on the list of most inventive countries in the 2020 edition of the Global Innovation Index. In addition, India joined the top 50 nations in this Index for the first time this year.
- The effects of the COVID-19 pandemic are accounted for in the 2021 edition of the Global Innovation Index, along with other metrics that have been used to trace the expansion of innovation worldwide.
Highlights of 2022 GII report
Switzerland has once again been named the most innovative economy in the world according to the World Intellectual Property Organisation’s Global Innovation Index 2022. For the 12th year in a row, Switzerland continues to be the innovation leader around the globe. In terms of innovative outputs, it is the leader in the world, particularly in terms of patents by country of software spending, origin, production, high-tech manufacturing, and export complexity. The United States came in second, followed by Sweden, the United Kingdom, and the Netherlands.
List of this year's top 10 innovative economies
| Name of the Country | GII Ranking |
| Switzerland | 1 |
| United States | 2 |
| Sweden | 3 |
| United Kingdom | 4 |
| Netherlands | 5 |
| Republic of Korea | 6 |
| Singapore | 7 |
| Germany | 8 |
| Finland | 9 |
| Denmark | 10 |
Indian Perspective
- India entered the top 40 nations for the very first time inside the GII, primarily due to growth in the recipients’ value of venture capital recipients, exports of ICT services, and startup financing.
- India surpassed Vietnam to become the most innovative economy for lower middle-income in 2022, the WIPO reported on Thursday. India rose six spots to take the 40th position out of 132 countries in the GII. In 2021, it ranked 46th. By measuring the innovation capabilities of 132 economies, the GII presents the most innovative economic systems worldwide.
- India and Turkey, ranked 40th and 37th, respectively, make their debut appearances in the top 40, according to WIPO. India tops Viet Nam (48th) as one of the most innovative lower-middle-income countries.
- According to the report, India maintains its top position in the world for ICT services exports while also holding top positions in other indicators, including the 6th position for the value of venture capital recipients, the 8th position for finance for scaleups and startups, the 11th position for graduates in engineering and science, the 12th position for growth in labour productivity, and the 14th position for domestic industry diversification.
GII pointed out how middle-income nations like China, India, and Turkey are still shaping the world of innovation. Almost all of the innovation pillars, excluding Infrastructure, wherein India performs below averagely for the middle upper group, are above standard for India, according to WIPO. In that order, the “most innovative economies” in Southern and Central Asia were India, Iran, and Uzbekistan.
Statement from the Minister
- India’s steady growth in the GII rankings, according to Goyal, India’s minister of industry and commerce, is attributable to the forward-thinking measures taken by businesses and the government together.
- According to Goyal, India was ranked 81st in 2015 and is currently in 40th place.
- He claims that India has consistently ranked first in the world for exports of ICT services.
The GII looked at the most current global trends in innovation, including India, against the backdrop of the ongoing COVID-19 epidemic, slowing competitiveness and productivity or other emerging concerns. It identified the nations with the most innovative economy by ranking the ability of 132 economies to innovate and highlighting their advantages and disadvantages in this regard. India made its debut among the top 40 countries in the GII, partly due to an increase in the value of venture capital beneficiaries, ICT service exports, and startup finance.
