India moved up four places to the 48th rank and made its place in top 50 countries on the Global Innovation Index 2020. Whereas Switzerland, Sweden, US, UK and Netherlands are leading the innovation ranking.
Global Innovation Index is an annual ranking of countries for their capacity and success in innovation. The list is published by Cornell University, INSEAD and World Intellectual Property Organization.
Criteria to analyse
In 2020, a total of 131 countries were analysed under the Global Innovation Index before publishing the list. The areas that are analysed are institutions, human capital & research, infrastructure, market sophistication and business sophistication, international patent and trademark applications.
Progress by India
- India is ranked 48th position on the Global Innovation Index 2020.
- India has also been accepted as one of the leading innovation achievers of 2019 in the central and southern Asian region demonstrating consistent improvement in its innovation ranking over the past 5 years owing to the immense knowledge capital, the vibrant start-up ecosystem and the work done by the public and private research organization.
- India has been ranked as third most innovative lower middle-income economy in the world.
- India ranks in the top 15 in indicators such as Information Communication Technology services exports, Government online services, R&D intensive global companies.
Global Innovation Index 2020 was themed Who Will Finance Innovation? Thereby giving importance to the state of innovation financing by investigating the evolution of financing mechanisms for entrepreneurs and other innovators and also shedding light on the challenges in the context of the economic slowdown induced by the coronavirus disease (COVID-19) crisis.