India has now become the third-most innovative lower-middle economy on the planet
For the first time in the country, India secured a rank in the list of top 50 countries in the Global Innovation Index (GII), taking India up four slots to 48th rank. India also topped the list of the central and south Asian countries.
According to GII 2020 list released jointly by the World Intellectual Property Organisation (WIPO), Cornell University and INSEAD Business School on 2nd September.
The new ranking incurred by India shows a gradual shift in innovations as Asian economies like China, Philippines and Vietnam have advanced in innovation ranking in recent years.
Speaking on the increase in ranks, WIPO said that the new indicators and improvements in various areas of GII has allowed India in becoming the third-most innovative lower-middle economy on the planet.
India has ranked itself in top 15 among the indicators such as ICT (Information and Communication Technology) services exports, government online services, graduates in science and engineering, and R&D-intensive global companies.
"Thanks to universities such as the Indian Institute of Technology in Bombay and Delhi and the Indian Institute of Science in Bengaluru, and its top scientific publications, India is the lower-middle-income economy with the highest innovation quality," said WIPO in a statement.
"The consistent improvement in the global innovation index rankings is owing to the immense knowledge capital, the vibrant startup ecosystem, and the amazing work done by the public & private research organization," added WIPO.