Global Innovation Index 2024

In September 2024, India secured the 39th position out of 133 economies in the Global Innovation Index (GII) 2024, as reported by the World Intellectual Property Organization (WIPO), marking an improvement from its previous 40th place ranking.

Key Points

Notable Improvement: Commerce and Industry Minister announced India's rise in the GII rankings, attributing this success to the country’s robust innovation ecosystem fueled by entrepreneurs and innovators.
Leadership in Lower-Middle-Income Group: India continues to lead the lower-middle-income group in innovation, outperforming other economies for the 14th consecutive year, underscoring its growing knowledge capital and dynamic startup environment.
Top Innovators Globally: The GII 2024 lists Switzerland, Sweden, the United States, Singapore, and the United Kingdom as the world’s most innovative economies, while China, Türkiye, India, Vietnam, and the Philippines are recognized as the fastest climbers over the past decade.
China's Position: In the GII rankings, China holds the 11th spot, making it the only middle-income economy in the top 30, highlighting the competitive nature of the global innovation landscape.
Regional Insights: Within Central and Southern Asia, India ranks first, followed by Iran (64th, down two spots) and Kazakhstan (78th). Uzbekistan remains in fourth place at 83rd.
Strengths in Key Indicators: India has excelled in critical areas, including ICT services exports (ranked 1st globally), venture capital received, and intangible asset intensity. Additionally, India’s thriving unicorn ecosystem has positioned it as the 8th-ranked country globally for such companies.