India Continues to Excel in Innovation for the 13th Consecutive Year, According to WIPO

28 Sep, 2023

India Continues to Excel in Innovation for the 13th Consecutive Year, According to WIPO

India has once again demonstrated its prowess in innovation by maintaining its remarkable streak on the World Intellectual Property Organisation's (WIPO) Global Innovation Index (GII) for the 13th consecutive year. In the recently released GII 2023 ranking, India retained its 40th position in the overall global innovation ranking. Moreover, it secured top rankings in critical indicators such as ICT services exports (5th rank), the flow of venture capital (6th rank), graduates in science and engineering (11th rank), and global corporate R&D investors (13th rank).

WIPO's GII 2023 evaluates 132 countries using 80 indicators to monitor global innovation trends and capabilities. Switzerland, Sweden, the United States, the United Kingdom, and Singapore emerged as the world's most innovative economies in 2023.

Chandrajit Banerjee, Director General of the Confederation of Indian Industry (CII), expressed pride in India's consistent enhancement of its innovation performance. He emphasized that the CII, a founding knowledge partner of the GII, has played an integral role in India's journey towards becoming an innovation-driven knowledge economy.

India also demonstrated strength in other areas, including cultural and creative services exports as a percentage of trade (18th rank), intangible asset intensity (8th rank), and overall market sophistication (20th rank). However, there remain areas for substantial improvement, notably infrastructure (84th rank), business sophistication (57th rank), and institutions (56th rank).

Daren Tang, Director General of WIPO, highlighted that a group of emerging economies is consistently climbing the GII ranks, underscoring the positive impact of nurturing a robust innovation ecosystem. Despite challenges in venture capital funding, the GII 2023 report affirms that global innovative activity continues to thrive, with a growing emphasis on quality over quantity.

Among the 21 economies that outperformed in innovation relative to their development level, many are located in Sub-Saharan Africa and Southeast Asia, East Asia, and Oceania. Alongside India, the Republic of Moldova and Vietnam have also been consistent innovation overachievers for 13 years. Meanwhile, Indonesia, Pakistan, and Uzbekistan maintain their overperformance status for the second and third consecutive years, respectively.

India's enduring success in the GII showcases its commitment to fostering innovation and driving economic growth through knowledge and technology advancement.