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India breaks into Top 40 on Global Innovation Index

India, for the first time, made it to the top 40 countries at the Global Innovation Index (GII), led by improvement in information and communication technologies (ICT) services exports, venture capital recipients’ value, and finance for startups.

India’s six-notch jump to the 40th spot in the 132-nation GII in 2022 from 46th rank in 2021 made it to the top most innovative lower middle-income economy in the world, overtaking Vietnam, the World Intellectual Property Organization (WIPO) said on Thursday.

The GII reveals the most innovative economies in the world, ranking the innovation performance of 132 economies.

“Türkiye and India enter the top 40 for the first time, placed 37th and 40th, respectively. India overtakes Viet Nam (48th) as the top lower middle-income economy for innovation,” WIPO said.

As per the report, India continues to lead the world in the ICT services exports indicator with the first rank while holding

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top rankings in other indicators, including Venture capital recipients’ value (6th), Finance for startups and scaleups (8th), Graduates in science and engineering (11th), Labor productivity growth (12th) and Domestic industry diversification (14th).

“India’s continuous rise in GII rankings is due to the progressive initiatives by the government and industry working together,” said commerce and industry minister Piyush Goyal.

Goyal said that India’s rank in 2015 was 81 and it is at 40th position this year.

“We have also maintained the top spot in ICT services exports over the years,” he said.

Highlighting that middle-income economies like China, Türkiye and India continue to change the innovation landscape,, WIPO said: “India’s innovation performance is above average for the upper middle-income group in almost every innovation pillar, with the exception of Infrastructure, where it scores below average”.

For the twelfth consecutive year, Switzerland ranks first in the GII followed by the US.

In Central and Southern Asia, India ranked highest among three in the “most innovation economies” followed by Iran and Uzbekistan.

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