India emerging as Global Innovation Hub

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India moved up six spots to 40th place in the Global Innovation Index 2022 according to a report by the Geneva-based World Intellectual Property Organization (WIPO), one of the 15 specialised agencies of the UN, as a result of improvements in a number of categories. India was placed 81st in 2015, and since then, its position has steadily improved.

For the 12th consecutive year, Switzerland held the top spot. The US, Sweden, the UK, and the Netherlands came after it. China was ranked eleventh overall. The rankings are determined by factors such as institutions, infrastructure, market sophistication, business sophistication, and people and capital research.

According to the index, India leads the lower middle-income group in terms of innovation and continues to be the top nation in the world for “exports of ICT services and holds top rankings in other indicators, including venture capital receipt value, finance for startups and scaleups, graduates in science and engineering, labour productivity growth, and domestic industry diversification.”

Piyush Goyal, the union minister for commerce and textiles, stated that thanks to India’s improvement in rankings, the nation is innovating like never before. India moves up 41 positions in 7 years to take 40th place in the WIPO’s Global Innovation Index. According to Goyal, the consistent growth proves that India, led by Prime Minister Narendra Modi, is quickly becoming a magnet for global innovation.

He added that from the 81st slot in 2015 to the 40th spot in 2022, India had advanced significantly in the Global Innovation Index (GII).
Suman Bery, vice chairman of NITI Aayog, stated that India’s increase is evidence of the Prime Minister’s dedication to making India an innovation hub.

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