India has now joined the list of top 50 countries in the global innovation index for the very first time, climbing up four places to the 48th rank and maintaining the top position among central and south Asian countries.
According to the Global Innovation Index (GII) list, 2020 released by the World Intellectual Property Organization (WIPO), Cornell University and INSEAD Business School on September 2, the rankings point to stability at the top but a gradual "eastward shift in the locus of innovation" as Asian economies including China, India have improved in the innovation ranking over the past few years.
Switzerland, Sweden, the US, the UK and the Netherlands top the innovation ranking, and the top 10 positions are secured by high-income countries.
India has become the third most innovative lower middle-income economy in the world on the back of the new available indicators and improvements in various areas of the index, the index that analyses 131 countries mentioned.
India ranks in the top 15 in indicators such as ICT (Information and Communication Technology) services exports, government online services, graduates in science and engineering, and R&D-intensive global companies.
"Thanks to universities such as the Indian Institute of Technology in Bombay and Delhi and the Indian Institute of Science in Bengaluru, and its top scientific publications, India is the lower middle-income economy with the highest innovation quality," the index mentioned.
The indicators include institutions, human capital and research, infrastructure, market sophistication and business sophistication, knowledge and technology outputs and creative outputs.