The World Intellectual Property Organisation (WIPO) published its Global Innovation Index 2023 rankings on Thursday. According to the list India has managed to retain it’s 40th rank out of the total 132 economies. , Switzerland has topped the list again this year, followed by Sweden on 2nd rank and the USA on the 3rd rank.
This index actually ranks countries in terms of their capacity for, and success in, innovation.
After the rankings were out, NITI Aayog issued a statement, ‘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.
It further added, ‘NITI Aayog has been working diligently to optimise national efforts for bringing policy-led innovation in various areas such as electric vehicles, biotechnology, nanotechnology, space, alternative energy sources, and so on.’
Interestingly, as per the report of WIPO 5 middle-income economies have made it to the top 40 list. These include- China in the 12th rank, followed by Malaysia in the 36th rank, Bulgaria in the 38th rank, Turkiye in the 39th rank and India in the 40th rank.
Not just that, India has also been highlighted as the top innovation economy among the lower-middle-income countries. It also included economies like Vietnam and Ukraine. The report has quoted, ‘India, the Republic of Moldova, and Vietnam continue to set records by being innovation overperformers for a 13th consecutive year’.
At the same time, 5 economies including India host 80% of all the world’s unicorns. These economies are- the US with 54%, China with 14%, India with 6%, the UK with 4% and Germany with 2%.
Apart from these, India secured 48th rank in human capital and research, 57th in business sophistication, and 22nd rank in knowledge and technology outputs.