The World Intellectual Property Organisation (WIPO) has released the 2023 Global Innovation Index. India has retained its 40th spot in the index.
The index evaluates the performance of the innovation ecosystems of 132 economies worldwide and reports the latest global trends in innovation.
In 2015, India ranked 81st but has climbed steadily over the past eight years. NITI Aayog attributed India’s consistent progress on the index to its vast knowledge capital, dynamic start-up environment, and the excellent work of public and private research institutions.
Key Findings
- For the 13th consecutive year, Switzerland retains its top position in the index. Sweden has now secured the second spot, with the United States closely following in third. The United Kingdom ranks fourth, while Singapore enters the prestigious top 5.
- According to the report, China, the only middle-income economy among the top 30, is currently ranked 12th, while Japan holds the 13th position.
- The Global Innovation Index is constructed upon a comprehensive dataset, comprising 80 indicators sourced from international public and private entities. Going beyond conventional measures, the definition of innovation has expanded, as stated by WIPO in a press release.
- India has once again proven its innovation prowess, as it secured a spot among the 21 economies that consistently outperformed in terms of innovation relative to their level of development for the 13th consecutive year. Notably, the Republic of Moldova and Vietnam also achieved this remarkable feat.
- According to the GII report, India, Iran, the Philippines, Turkey, Vietnam, and Indonesia are among the economies that experienced the most significant ranking improvement within the top 65 over the past decade.
Key Insights On Global Innovation And Unicorns
- Major markets like India are seeing a surge in electric three-wheelers. In 2022, over half of India’s three-wheeler registrations were electric.
- The Global Innovation Index report reveals that India, Iran, Philippines, Turkiye, Vietnam and Indonesia have experienced the most significant rise in the rankings over the past decade. These countries now feature in the top 65.
- As of April 2023, CBInsights’ Unicorn Tracker reported 1,206 unicorn companies globally, spread across 50 countries.
- Five countries host 80% of all global unicorns: the United States (54%), China (14%), India (6%), the United Kingdom (4%), and Germany (2%).
- In terms of total unicorn valuation, which stood at USD 3.8 trillion in 2023, US unicorns lead with a valuation of USD 2 trillion. They are followed by China (USD 736 billion) and India (USD 193 billion).
- In central and southern Asia, India maintains its leadership and overall 40th position, performing well in every innovation pillar except Infrastructure.
- India leads the lower middle-income group in the Central and Southern Asia region in terms of Human capital and research (48th), Business sophistication (57th), and Knowledge and technology outputs (22nd). It boasts strong indicators in ICT services exports (5th), venture capital received (6th), science and engineering graduates (11th), and global corporate R&D investors (13th).