India Ranks 46th In The Global Innovation Index Rankings

India moved ahead by two spots in the 2021 Global Innovation Index (GII) rankings by securing 46th rank, up from 48th in the 2020 rankings. According to the Index, India also takes the second place in the lower middle-income group and ranks first among the ten economies in Central and Southern Asia.

The Global Innovation Index takes into account seven pillars to assess the countries. These pillars are: Market Sophistication, Knowledge and technology outputs, Business sophistication, Human Capital and Research, Institutions, Creative outputs and Infrastructure. Among these pillar, according to the Index, India performs the best in Market sophistication and has the weakest performance in infrastructure.

The report also mentions that India has been portrayed as successful in developing sophisticated services that are technologically dynamic and can be traded internationally. It continues to lead the world in the ICT services export indicator.

Only Switzerland and Sweden have remained in the top three of the innovation ranking for more than a decade. Switzerland, Sweden, the United States of America and the United Kingdom have ranked in the top five for the past three years, while the Republic of Korea joins the top five of the GII for the first time in 2021.

The Global Innovation Index (GII) is published by the World Intellectual Property Organization (WIPO), a specialized agency of the United Nations. Recognizing that innovation is a key driver of economic development, the GII aims to provide an innovation ranking and rich analysis referencing around 130 economies