Global Innovation Index: India moves one position up to secure 39th spot

India ranks 39th in the Global Innovation Index (GII) 2024, marking an improvement of one position from 2023 and 42 positions over the past nine years, according to the latest GII report published by WIPO (World Intellectual Property Organisation). India leads the lower-middle-income group, followed by Vietnam in 44th place and the Philippines at 53rd. India had retained the 40th position in Global Innovation Index in 2023.

The index evaluates innovation performance across 133 global economies, highlighting India's growing influence, especially among developing countries. Over the past five years, Indonesia, Mauritius, Saudi Arabia, Qatar, and Brazil have made the most significant gains in the GII. Meanwhile, China, India, Iran, Morocco, the Philippines, and Türkiye have experienced the highest increases over the last decade.

India continues to lead Central and Southern Asia, rising to 39th place. Iran follows at 64th, with Kazakhstan in 78th and Uzbekistan in 83rd.

Switzerland has secured the top spot in the GII for the 14th year in a row. Sweden and the United States (US) hold onto the 2nd and 3rd positions, respectively. Singapore climbs to 4th place, while the United Kingdom rounds out the top five at 5th.

For the 14th consecutive year, India, the Republic of Moldova (68th), and Vietnam maintain their status as the top innovation overperformers, the report adds.

Union Minister Piyush Goyal attributed this progress to the leadership of Prime Minister Narendra Modi. Goyal shared via 'X', “India rises to 39th position among 133 global economies in the Global Innovation Index 2024! Guided by PM_@NarendraModi ji's decisive leadership, India achieves these remarkable milestones: 1st among 10 economies in Central & Southern Asia, 1st among lower-middle-income economies, 7th globally in intangible asset intensity.”

Major cities like Mumbai, Delhi, Bengaluru, and Chennai are now recognised among the top 100 S&T clusters globally. Additionally, India secured the 7th spot in intangible asset intensity, reflecting the nation's growing strength in non-physical assets like patents and trademarks.

“India’s strengths lie in key indicators such as ICT services exports (1st), Venture capital received (6th) and Intangible asset intensity (7th). India’s unicorn companies also secure the country the 8th rank globally,” the report notes.