India retains 40th rank out of 132 economies in the Global Innovation Index 2023 rankings published by the World Intellectual Property Organization (WIPO).
Key points
India has been on a rising trajectory, over the past several years in the Global Innovation Index (GII), from a rank of 81 in 2015 to 40 in 2023.
The index tracks the innovation ecosystem performance of 132 global economies and the most recent global innovation trends.
Switzerland – for a 13th year – ranks first in the index. Sweden is now second and the United States on third, followed by the United Kingdom (4th) and Singapore (5th), which enters the top 5.
The Global Innovation Index is built on a rich dataset – the collection of 80 indicators from international public and private sources – going beyond the traditional measures of innovation since the definition of innovation has broadened.
The GII listed India as among the 21 economies that outperformed for a 13th consecutive year on innovation relative to level of development. The other countries who achieved the feat included Republic of Moldova and Vietnam.
Only five economies host 80 per cent of all the world’s unicorns, namely, the United States (54 percent), China (14 percent), India (6 percent), the United Kingdom (4 percent) and Germany (2 percent).
GII is based on 7 pillars: The GII 2023 is calculated as the average of two sub-indices:
- The Innovation Input Sub-Index gauges elements of the economy that enable and facilitate innovative activities and is grouped in five pillars: (1) Institutions, (2) Human capital and research, (3) Infrastructure, (4) Market sophistication, and (5) Business sophistication.
- The Innovation Output Sub-Index captures the actual result of innovative activities within the economy and is divided in two pillars: (6) Knowledge and technology outputs and (7) Creative outputs.
