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India climbs to 40th rank in the Global Innovation Index of WIPO; Switzerland Tops

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India climbs to the 40th rank in the Global Innovation Index of WIPOOn September 29, 2022, the 15th Global Innovation Index (GII) 2022 by the World Intellectual Property Organization (WIPO) was launched in which India ranked at 40th position. It is a huge leap of 41 places in 7 years as India was at 81st position in 2015.

  • It should be noted that India along with Turkiye (37th) entered the top 40 for the first time. It stood at 46th in 2021 GII.
  • Switzerland ranked at 1st position as the most innovative economy in the world in 2022 for the 12th year in a row. It is followed by the United States (US-2nd), Sweden (3rd), the United Kingdom (UK-4th) and the Netherlands (5th).

Table showing Top 5 nations of GII 2022:

5The Netherlands

Key Findings w.r.t. India:

i.A rise in India’s rank was mainly due to an improvement in Information and Communication Technologies (ICT) services exports, venture capital recipients’ value and finance for start-ups.

ii.On the regional front of Central and Southern Asia, India topped the charts which is followed by Iran (Global- 53rd ) at 2nd position and Uzbekistan (Global- 82nd) at 3rd  rank.

iii.Among Lower Middle Income Group, India again is the innovation leader i.e. at 1st position which is followed by Veitnam and Iran at 2nd and 3rd position respectively.

iv.India had established the first of its kind Global Centre for Traditional Medicines in collaboration with the World Health Organization (WHO) which represents India’s ancient science.

v.India is the 3rd largest start-up ecosystem and is home to over a 100 unicorns.

vi.In 2021, 40% of global real-time digital transactions were in India.

Key Points:

i.The top global corporate R&D (Research & Development) spenders increased their R&D expenditure by almost 10% to over USD 900 billion in 2021.

  • This increase was primarily driven by four industries: ICT hardware and electrical equipment; Software and ICT services; pharmaceuticals and biotechnology; and construction and industrial metals.

ii.Investments in global R&D in 2020 grew at a rate of 3.3%, but slowed from the historically high 6.1% R&D growth rate in 2019.

iii.Viet Nam (48), the Islamic Republic of Iran (53rd) and the Philippines (59th) are the middle-income economies with the fastest innovation performance growth to-date.

About GII 2022:

It tracked the most recent global innovation amid ongoing COVID-19 pandemic, slowing productivity growth and other evolving challenges. It revealed the most innovative economies in the world by ranking the innovation performance of 132 economies on the basis of their innovation strengths and weaknesses.

  • This 15th edition’s thematic focus was on the future of innovation-driven growth.
  • The assessment was premised upon the 7 pillars of Institutions, Human capital and research, Infrastructure, Market sophistication, Business sophistication, Knowledge and technology outputs, and Creative outputs

About GII:

Initiated in 2007, GII is published annually by WIPO, in partnership with the Portulans Institute and with the support of our Corporate Network partners: the Confederation of Indian Industry (CII), the Brazilian National Confederation of Industry (CNI),  Ecopetrol (Colombia), and the Turkish Exporters Assembly (TİM).

Click Here for Official GII 2022

Recent Related News:

i.According to Forbes Asia’s 200 “Best Under A Billion” 2022 Ranking, 24 Indian companies made the list, a decrease from 26 in 2021. This placed India in fourth place among Asian countries.

ii.Life Insurance Corporation (LIC) was ranked 98th, with revenue of USD 97.26 billion and a profit of USD 553.8 million, in the 2022 Fortune Global 500 list. It was listed as the initial public offering (IPO) in May 2022.

About World Intellectual Property Organization (WIPO):

It is the global forum for intellectual property (IP) services, policy, information and cooperation with 193 member states.

Establishment– 1967
Director General– Daren Tang
Headquarters– Geneva, Switzerland