India climbs six notches to fortieth place in International Innovation Index 2022

India climbed six notches to fortieth place within the International Innovation Index 2022 on account of enchancment in a number of parameters, based on a report by the Geneva-based World Mental Property Group (WIPO).

Switzerland, the US, Sweden, the UK and the Netherlands are the world’s most-innovative economies, based on WIPO’s 2022 International Innovation Index (GII), with China on the brink of the highest 10.

Different rising economies are additionally displaying constantly sturdy efficiency, together with India and Türkiye, each of which enter the highest 40 for the primary time, it mentioned.

“Canada is again among the many prime 15 international innovators (fifteenth). Türkiye (thirty seventh) and India (fortieth) enter the highest 40 for the primary time,” the report mentioned.

“India’s innovation efficiency is above common for the upper-middle-income group in virtually each innovation pillar, excluding infrastructure, the place it scores under common,” it mentioned.

Commenting on the event, Prime Minister Narendra Modi mentioned the nation is able to scale additional by way of innovation.

“Innovation is the buzzword throughout India. Pleased with our innovators. We have come a great distance and need to scale even newer heights,” Modi mentioned in a tweet.

Commerce and business minister Piyush Goyal described the progress as a “big leap”, which testifies India’s emergence as a “international innovation hub”.

“India Innovating Like By no means Earlier than! India climbs to the fortieth rank within the International Innovation Index of @WIPO, an enormous leap of 41 locations in 7 years. The regular rise testifies that India underneath the management of PM @NarendraModi ji is quickly rising as the worldwide innovation hub,” Goyal tweeted.

India was at forty sixth place in 2021 and at 81st rank in 2015.

Parameters for computing the index, embody ‘establishments’, ‘human capital and analysis’, ‘infrastructure’, ‘market sophistication’, enterprise sophistication’, ‘information and expertise outputs’ and ‘create outputs’.

The 2022 version of the GII tracks the newest international innovation traits in opposition to the background of an ongoing COVID-19 pandemic, slowing productiveness development and different evolving challenges.

WIPO mentioned a lot of nations use the GII to evaluate and enhance their innovation ecosystems and use the index as a reference in financial plans and/or insurance policies.