Global innovation index: India jumps to 40th place, leads world in ICT services exports

Image Credit: ANI; Representational Image

New Delhi: India has entered the top 40 countries in the Global Innovation Index (GII) for the first time, owing to increases in information and communication technologies (ICT) services exports, the value of venture capital recipients, and startup financing. Union Commerce Minister Piyush Goyal announced on Thursday that India has risen from 81st to 40th place. "We were 46 last time the ranking was done. We have also maintained first rank in ICT services exports over the years," he said.

Goyal made the remarks while delivering a virtual message to mark the World Intellectual Property Organization's launch of the Global Innovation Index 2022. (WIPO).

According to the minister, GII has established itself as a tool for governments all over the world to reflect on policies and their impact.

"GII has over the years recognised India`s continuous rise due to the progressive measures taken by the government and industry working hand in hand," he added.

He also thanked WIPO on behalf of 1.3 billion Indians and stated that India now aspires to be among the top 25 in the GII Index. The World Intellectual Property Organization (WIPO) said on Thursday that India's six-notch jump to 40th place in the 132-nation GII in 2022 from 46th place in 2021 elevated it to the top most innovative lower middle-income economy in the world, surpassing Vietnam.

The GII identifies the world's most innovative economies by ranking the innovation performance of 132 economies. According to the report, India continues to lead the world in ICT services exports, ranking first, while also ranking first in other indicators such as Venture capital recipients' value (6th), Domestic industry diversification (14th). Graduates in science and engineering (11th), Labor productivity growth (12th), and Finance for startups and scaleups (8th)