India maintains 40th rank in global innovation index 2023, highlighted as Middle-Income over-performer

According to the report, China, the sole middle-income economy within the top 30 is now ranked 12th while Japan is 13th. India was also highlighted as the top innovation economy among the lower-middle-income countries, followed by Vietnam and Ukraine.

New Delhi: In the recently published Global Innovation Index (GII) 2023 rankings by the World Intellectual Property Organization (WIPO), India proudly retained its 40th position out of 132 economies, showcasing a remarkable journey of innovation advancement. This consistency marks a significant leap from its 66th position a decade ago in 2013. Switzerland clinched the top spot, closely followed by Sweden and the United States, making India's achievement all the more commendable.

NITI Aayog, the National Institution for Transforming India, attributed this remarkable feat to the nation's robust knowledge capital, a thriving start-up ecosystem, and the outstanding contributions from both public and private research organizations. Speaking on Thursday, NITI Aayog stated, "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 organizations." It further added, "NITI Aayog has been working diligently to optimize national efforts for bringing policy-led innovation in various areas such as electric vehicles, biotechnology, nanotechnology, space, alternative energy sources, and so on."

WIPO's report highlighted India's unique position among middle-income economies, with only four others securing spots in the top 40. These countries include China (12th), Malaysia (36th), Bulgaria (38th), and Turkey (39th). Notably, India also stood out as the leading innovation economy among lower-middle-income nations, closely followed by Vietnam and Ukraine. The report stated, "India, the Republic of Moldova, and Vietnam continue to set records by being innovation overperformers for a 13th consecutive year."

The global landscape for unicorns, privately held start-ups valued at over $1 billion, has also seen India rise to prominence. Five major economies—United States (54%), China (14%), India (6%), the United Kingdom (4%), and Germany (2%)—host a significant 80% of all the world's unicorns. India's unicorns collectively reached a valuation of $193 billion in 2023, underlining the country's growing influence in the tech and start-up sector. In this context, the US dominated with a staggering $2 trillion in unicorn valuation, followed by China with $736 billion.

India's success in the GII extends beyond rankings. The country's infrastructure aside, it demonstrated outstanding performance in various criteria within the Central and South Asian region. In human capital and research, India secured the 48th position; in business sophistication, it ranked 57th; and it achieved an impressive 22nd spot in knowledge and technology outputs.

The GII report spotlighted several key indicators where India shone brightly. These included 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 attributed this success to the collective efforts of various government departments, scientific institutions, and ministries, all of which have played a pivotal role in enriching the National Innovation Ecosystem.

NITI Aayog emphasized the vital role played by the Atal Innovation Mission in expanding India's innovation ecosystem. This initiative has been a driving force behind nurturing creativity and entrepreneurship among the nation's youth.