India has risen to the 40th position in the Global Innovation Index 2022. It was at the 81st position in 2015. India was ranked 46th among the 132 economies in the year 2021.
- In its annual ranking of the world’s economies on innovation capacity and output, the GII shows some key changes in the top 15 of the ranking, with the United States climbing to the 2nd position, the Netherlands reaching the 5th position, Singapore reaching 7th, Germany reaching 8th and China up one place to 11th and on the doorstep of the top 10.
- Canada is back among the top 15 global innovators (15th). Türkiye (37th) and India (40th) enter the top 40 for the first time.
- Beyond these, Viet Nam (48), the Islamic Republic of Iran (53rd) and the Philippines (59th) are the middle-income economies with the fastest innovation performance growth to-date.
About Global Innovation Index –
- The Global Innovation Index (GII) is an annual ranking of countries by their capacity for, and success in, innovation. It is published by Cornell University, INSEAD, and the World Intellectual Property Organisation, in partnership with other organisations and institutions.
- The index was started in 2007 by INSEAD and World Business, a British magazine. The GII is commonly used by corporate and government officials to compare countries by their level of innovation.
- The theme for this year’s GII was ‘Who Will Finance Innovation?’ It looked to see how the fall out from the COVID-19 pandemic would affect several sections of funding innovation including, startups, venture capital, and other traditional sources of innovation financing.
- Switzerland, Sweden, US, UK and Netherlands topped the annual ranking this year. As per the organisation, India, China, the Philippines, and Vietnam have been the economies with the most significant progress in their GII innovation ranking over the years. All four are now in the top 50.