India has achieved a significant milestone by securing the 39th position among 133 countries in the Global Innovation Index (GII) 2024. This remarkable climb highlights India’s growing strength in the global innovation landscape.
Union Commerce and Industry Minister Piyush Goyal announced the achievement, emphasizing India's leadership in innovation within the Central and Southern Asia region. In a social media post, Goyal attributed the success to Prime Minister Narendra Modi’s strong leadership, which has fostered an environment conducive to innovation and growth.
According to Goyal, India has not only topped the Central and Southern Asia region but also ranked first among lower-middle-income economies globally. Additionally, India secured the 4th position in the World Intellectual Property Organization (WIPO) Science & Technology (S&T) Cluster Ranking. The cities of Mumbai, Delhi, Bengaluru, and Chennai have made it to the list of the World’s Top 100 S&T clusters, while India ranks 7th globally in intangible asset intensity, showcasing its focus on knowledge-based assets.
India's progress is particularly noteworthy considering that the country was ranked 81st in the GII in 2015. This impressive rise underscores India’s commitment to enhancing its innovation ecosystem, driven by a combination of government initiatives, a growing start-up culture, and significant advancements in technology and research.
The Global Innovation Index 2024 assesses the performance of 133 economies based on their innovation ecosystem and tracks the latest trends shaping global innovation. The index serves as a valuable tool for governments, enabling them to understand how innovation can drive economic and social transformation within their countries.
According to WIPO’s GII 2024, the world’s most innovative countries are Switzerland, Sweden, the United States, Singapore, and the United Kingdom. Meanwhile, nations like China, Turkey, India, Vietnam, and the Philippines are recognized as the fastest climbers over the past decade, marking their growing influence in the global innovation arena.
The Global Innovation Index, launched in 2007 by INSEAD, a renowned business school, and World Business, a British magazine, provides a comprehensive overview of innovation capabilities and outcomes worldwide, helping nations benchmark their progress and set future goals.
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