For the first time, India finds itself in the list of top 50 countries in the Global Innovation Index, moving up four places to the 48th rank.
India retains its top position among the nations in central and southern Asia. The report states, India is the third most innovative lower-middle-income economy in the world.
According to the Global Innovation Index (GII) list, 2020 released jointly by the World Intellectual Property Organization (WIPO), Cornell University and INSEAD Business School on Wednesday (September 3), the rankings show stability at the top but a gradual “eastward shift in the locus of innovation”.
Other than India, Asian economies like China, the Philippines and Vietnam have made considerable progress in the innovation ranking over the years.
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,” it said.