Riding on the back of a host of innovations that have been brought on in recent years, India has for the first time, broken into the top 40 in the World Intellectual Property Organisation (WIPO) Global Innovation Index, 2022. This is a six-notch jump from the 46th position India had occupied in 2021 and a huge 41-place jump since 2015. With its current ranking, India has become the most innovative lower-middle income economy in the world, overtaking Vietnam.
India continues to retain top position in the ICT sector ,and holds high rankings in the other sectors such Venture capital recipients’ value (6th), Finance for startups and scaleups (8th), Graduates in science and engineering (11th), Labor productivity growth (12th).
Delivering a virtual message to mark the launch of the GII 2022, Union Commerce Minister Mr Piyush Goyal said that Innovation has been a catalytic force for the economy and society and as the importance of the ‘knowledge economy’ grows, innovation will lay the roadmap for development in India. He added that incubation, handholding, funding, industry-academia partnership and mentorship have stirred entrepreneurial spirit across the country and that India is rapidly transitioning into a knowledge economy where domestic filing of Patents have registered a 46% growth in the last five years.
As per WIPO’s GII index for 2022, Switzerland, the United States, Sweden, the United Kingdom and the Netherlands are the world’s most-innovative economies.