India Maintains 40th Rank in Global Innovation Index 2023

29 Sep 2023

India has retained its 40th position among 132 economies in the Global Innovation Index (GII) 2023, as recently reported by the World Intellectual Property Organization (WIPO).

Key Points

India's Consistent Improvement: India's steady climb in the GII ranking is attributed to its rich knowledge capital, a thriving startup ecosystem, and remarkable contributions from both public and private research organizations.
NITI Aayog highlighted its efforts to drive policy-led innovation in various sectors, including electric vehicles, biotechnology, nanotechnology, space, and alternative energy sources.
India's Standing among Middle-Income Economies: WIPO's report noted that, apart from India, only four other middle-income economies are in the top 40, including China (12th), Malaysia (36th), Bulgaria (38th), and Türkiye (39th).
India also leads as the top innovation economy among lower-middle-income countries, with Vietnam and Ukraine following suit.
Innovation Overperformers: India, the Republic of Moldova, and Vietnam have consistently outperformed in innovation for 13 consecutive years, according to the report.
Global Unicorn Distribution: The report highlighted that five economies host 80 percent of the world's unicorns: the US (54 percent), China (14 percent), India (6 percent), the United Kingdom (4 percent), and Germany (2 percent).
Out of a total unicorn valuation of $3.8 trillion in 2023, the US held $2 trillion, followed by China with $736 billion and India with $193 billion.
Government and Innovation Ecosystem: Various government departments, including scientific ones like the Department of Science and Technology, the Department of Biotechnology, and the Department of Space, have contributed significantly to India's innovation ecosystem.
Initiatives such as the Atal Innovation Mission have played a pivotal role in expanding the innovation landscape.

About the Global Innovation Index (GII)

An annual publication measuring an economy's innovation performance.
Widely used by numerous countries to evaluate and enhance their innovation ecosystems.
Recognized by the UN Economic and Social Council as a benchmark for measuring innovation in relation to Sustainable Development Goals (SDGs).

Indicators of the GII

Parameters include 'institutions', 'human capital and research', 'infrastructure', 'market sophistication', 'business sophistication', 'knowledge and technology outputs', and 'creative outputs'.

About WIPO (World Intellectual Property Organization)

Global forum for intellectual property (IP) services, policy, information, and cooperation.
A self-funding agency of the United Nations with 193 member states.
Aims to develop an equitable international IP system fostering innovation and creativity for the benefit of all.
Established in 1967 under the WIPO Convention, outlining its mandate, governing bodies, and procedures.