MUMBAI: According to a report from the World Intellectual Property Organization (WIPO) in Geneva, India moved up six spots to 40th place on the Global Innovation Index 2022. This was on account of improvements in several areas.

WIPO's 2022 Global Innovation Index (GII) says that Switzerland, the United States, Sweden, the United Kingdom, and the Netherlands have the most innovative economies in the world. China is almost in the top 10, but not quite. It also said that other emerging economies like India and Turkey, which are both in the top 40 for the first time, are also doing very well.

Canada is once again one of the top 15 innovators in the world (15th). "Turkey (at 37th) and India (at 40th) are new to the top 40," the report said. "India's innovation performance is above average for the upper middle-income group in almost every innovation pillar, except for infrastructure, where it scores below average," it said.

Commenting on development,  Prime Minister Narendra Modi said that the country is ready to take innovation to the next level.

The minister of commerce and industry, Piyush Goyal, called the progress a "huge leap" that shows India is becoming a "global innovation hub."

"India Innovating Like Never Before! India has moved up 41 spots in WIPO's Global Innovation Index in the past seven years, putting it at number 40. "The steady rise shows that India, led by PM @NarendraModi ji, is quickly becoming the world's centre for innovation," Goyal tweeted.

In 2021, India was ranked 46th, and in 2015, it was ranked 81st.

Institutions, human capital and research, infrastructure, market sophistication, business sophistication, knowledge and technology outputs, and create outputs are all used to calculate the index.

The 2022 edition of the GII looks at the most recent global innovation trends against the backdrop of an ongoing COVID-19 pandemic, slowing productivity growth, and other new challenges. WIPO said that many countries use the GII to evaluate and improve their innovation ecosystems and to use as a reference in their economic plans and/or policies.

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