India Secures 39th Rank in Global Innovation Index(GII) 2024
India has made significant progress in the realm of innovation by rising to the 39th position in the Global Innovation Index (GII) 2024, an annual report published by the Geneva-based World Intellectual Property Organization (WIPO). This marks a one-spot climb from last year’s rank of 40th, further solidifying India’s position as a hub for innovation and entrepreneurship.
The Global Innovation Index, which ranks 133 global economies, is a vital resource for evaluating countries’ innovation capabilities and their impact on social and economic transformations. India’s consistent rise in this index reflects its thriving innovation ecosystem, bolstered by a dynamic startup culture, robust knowledge capital, and collaboration between public and private research sectors.
Commerce Minister Celebrates India’s Innovation Success
Commerce and Industry Minister Piyush Goyal took to social media platform ‘X’ to celebrate this milestone, highlighting the efforts of Indian innovators and entrepreneurs. He stated, “India rises to 39th position among 133 global economies in the Global Innovation Index 2024.” Goyal attributed this rise to the nation’s innovation ecosystem, which continues to grow stronger with contributions from various sectors, including startups, academia, and research organizations.
India’s steady climb in the GII rankings over the years is a testament to the country’s ability to foster innovation, boost entrepreneurship, and harness technological advancements to drive economic growth.
Knowledge Capital and Dynamic Startups Drive India’s Growth
India’s rise to the 39th spot in the Global Innovation Index is the result of a confluence of factors that have propelled the country forward in the global innovation landscape. A strong emphasis on knowledge capital, a rapidly growing startup ecosystem, and significant investments in public and private research have all played a crucial role.
In particular, the government’s initiatives to boost entrepreneurship through programs like Start-Up India, Digital India, and the Atal Innovation Mission have encouraged innovation at the grassroots level. Public and private research organizations have also been pivotal in advancing India’s innovation capacity by driving research and development (R&D) efforts across various sectors, including healthcare, agriculture, and information technology.
India Among Top Performers in Central and Southern Asia
The Global Innovation Index(GII) 2024 report highlighted India’s position as the leading innovator in the Central and Southern Asia region, ahead of nations like Iran, Kazakhstan, and Uzbekistan. With its 39th place ranking, India continues to outperform other lower-middle-income economies and has been a top performer in innovation for the 14th consecutive year.
This achievement also makes India one of the fastest climbers in the GII rankings over the past decade, joining the ranks of China, Turkiye, Viet Nam, and the Philippines. These countries have shown remarkable progress, driven by their focus on innovation-led growth and sustainable development.
Global Innovation Leaders and India’s Role in the Future
Globally, countries like Switzerland, Sweden, the United States, Singapore, and the United Kingdom maintain their positions as the most innovative economies in the world, according to the GII report. China continues to make impressive strides, securing the 11th position and standing out as the only middle-income country in the top 30. China’s ascent highlights the potential of emerging economies to challenge traditional innovation powerhouses.
India’s rapid climb in the GII rankings further underscores its role as a key player in the global innovation ecosystem. As the country continues to expand its knowledge-based economy, the potential for future growth in areas such as green technologies, digital infrastructure, and sustainable development is immense.
Conclusion: India’s Innovation Journey and the Road Ahead
India’s rise to 39th in the Global Innovation Index(GII) 2024 is a powerful testament to the country’s growing innovation capabilities and its commitment to driving economic growth through research, development, and entrepreneurship. As the nation continues to foster its innovation ecosystem, it is well-positioned to make even greater strides in the years to come.
With an increasing focus on sustainability, climate change solutions, and technological advancements, India’s innovation-driven growth is poised to shape not only its own future but also contribute significantly to global challenges. By leveraging its knowledge capital, dynamic startups, and strategic investments in research, India is on a path to becoming a global leader in innovation, offering solutions that benefit the world at large.
