India has held on to its 40th rank in the Global Innovation Index (GII) for 2023, according to the annual report released by the World Intellectual Property Organization. The index ranks economies based on 80 indicators to track global innovation trends.
India, which was 81st in 2015, entered the top 50 in 2020 and came 40th in 2022 out of of a list of 132 economies. India, along with Republic of Moldova and Vietnam, is among the 21 countries that overperformed on innovation relative to level of development for a 13th year in a row.
India is also among the Top 65 that climbed the fastest in the ranking over the last decade. Iran, the Philippines, Turkey, Vietnam and Indonesia are also among them.
“The consistent improvement in the GII ranking is owing to the immense knowledge capital, the vibrant start-up ecosystem, and the amazing work done by the public and private research organisations,” Niti Aayog stated in a press release.
Topping the list for the past 13 years was Switzerland, followed by Sweden, the US, UK and Singapore. China, ranking 12th, is the only middle-income country in Top 30.
Surprisingly, Pakistan retained its overperformer status for second consecutive year along with Indonesia and Uzbekistan. Brazil has maintained the status for a third consecutive year.
