Sat. Jul 13th, 2024

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India has retained its 40th spot in the latest Global Innovation Index 2023 released by the World Intellectual Property Organisation (WIPO). The index tracks the innovation ecosystem performance of 132 global economies and the most recent global innovation trends. In 2015, India stood at 81st spot and has been rising in the past eight years.

“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”, NITI Aayog said in a statement on Thursday.

Here are 10 things to know about this Global Innovation Index 2023 report.

1. Switzerland – for a 13th year – ranks first in the index. Sweden is now second and the United States on third, followed by the United Kingdom (4th) and Singapore (5th), which enters the top 5.

2. According to the report, China, the sole middle-income economy within the top 30 is now ranked 12th while Japan is 13th.

3. The Global Innovation Index is built on a rich dataset – the collection of 80 indicators from international public and private sources – going beyond the traditional measures of innovation since the definition of innovation has broadened, the WIPO said in a statement.

4. The GII listed India as among the 21 economies that outperformed for a 13th consecutive year on innovation relative to level of development. The other countries who achieved the feat included Republic of Moldova and Vietnam.

According to the 2023 Global Innovation Index report by World Intellectual Property Organization. India entered the top 40 list. (Representational image)
According to the 2023 Global Innovation Index report by World Intellectual Property Organization. India entered the top 40 list. (Representational image)

5. The report pointed that market share of electric vehicle sales across the globe surged from four per cent in 2012 to 14 per cent in 2022. “Cars are just the first wave: electric buses and trucks will follow soon, while electric three-wheelers are already booming in major markets such as India, where over half of its three-wheeler registrations in 2022 were electric”, the report added.

6. The GII report states that India, Iran, Philippines, Turkiye, Vietnam and Indonesia are among the economies within the GII top 65 that climbed fastest in the ranking over the last decade.

7. As per CBInsights’ Tracker of Unicorn companies, as of April 2023, there were 1,206 unicorn companies located in 50 different countries globally.

Only five economies host 80 per cent of all the world’s unicorns, namely, the United States (54 percent), China (14 percent), India (6 percent), the United Kingdom (4 percent) and Germany (2 percent).

8. Out of a total unicorn valuation of USD 3.8 trillion in 2023, US unicorns account of USD 2 trillion – a huge lead – followed by China at USD 736 billion and India at USD 193 billion.

9. The report stated that within central and southern Asia, India continues to lead and maintains its 40th position overall. India leads the lower middle-income group, performing strongly in every innovation pillar except for Infrastructure.

10. India holds top ranking within the Central and Southern Asia region for Human capital and research (48th), Business sophistication (57th) and Knowledge and technology outputs (22nd). Strong indicators include ICT services exports (5th), Venture capital received (6th), Graduates in science and engineering (11th) and Global corporate R&D investors (13th).

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