India has made a quantum leap in the Global Innovation Index 2024, improving by a remarkable 42 positions in the last nine years. According to the index released on Thursday, India now holds the 39th position among 133 global economies, marking a major milestone in the country’s journey toward becoming a global innovation leader.
India ranked 81st in the Global Innovation Index in 2015. Today, the nation has climbed to the 39th spot and has emerged as the top-ranked country among 38 lower-middle-income economies. This achievement underlines India’s growing prominence as a hub for innovation and technological advancements, particularly among developing economies.
The Global Innovation Index is published annually by the World Intellectual Property Organization (WIPO) and evaluates countries using metrics that reflect innovation capacity and performance. India has progressed so remarkably that the strength of its commitment towards creating an innovative environment, with policies and initiatives on track, is evident.
Leadership Driving Innovation
Union Minister Piyush Goyal attributed the success to the decisive leadership of Prime Minister Narendra Modi. Goyal appreciated the government’s efforts in creating an ecosystem that supports innovation for the nation to achieve such remarkable milestones.
The minister wrote on social media platform ‘X’: “Guided by PM @NarendraModi ji’s decisive leadership, India achieves these remarkable milestones: 1st among 10 economies in Central & Southern Asia, 1st among lower-middle-income economies, 4th in @WIPO Science & Technology (S&T) Cluster Ranking.”
India has topped the ranking of 10 economies in Central and Southern Asia, and it ranked 4th in the WIPO Science and Technology (S&T) Cluster Ranking, thus showing its increasing importance globally.
The major cities of the country are among the world’s top 100 S&T clusters. The cities of Mumbai, Delhi, Bengaluru, and Chennai are innovation hubs, driving research, development, and technological advancements.
Intangible Assets: A Solid Foundation
India has also ranked 7th in the world on intangible asset intensity, a measure that captures the strength of non-physical assets such as patents, trademarks, and copyrights. This ranking suggests that the country is protecting intellectual property and using it to enhance innovation.
Indian innovators and entrepreneurs have significantly contributed to transforming the nation into a technological and research leader across the globe. It ranges from the development of high-end solutions to meeting the world’s challenges through the prowess of Indian talent, who have been at the helm of progress across all sectors.
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