India maintained its ranking of 40th on the annual Global Innovation Index (GII) 2023 with a score of 38.1 thanks to its thriving start-up ecosystem, intellectual capital, and the efforts of both public and private research institutions.
The World Intellectual Property Organization (WIPO) announced its Innovation Index on Thursday, ranking 132 economies. India also kept the top spot in Central and South Asia and the lower-middle income group.
According to the National Institution for Transforming India (NITI) Aayog, in terms of innovation, a total of 21 economies fared better than anticipated given their stage of development. For 13 years running, Vietnam, the Republic of Moldova, and India have all outperformed their peers in terms of innovation.
The Atal Innovation Mission has, above all, contributed significantly to the growth of the innovation ecosystem. In order to maximize national efforts for bringing policy-led innovation to a variety of fields, including electric vehicles, biotechnology, nanotechnology, space exploration, and alternative energy sources, NITI Aayog has been working nonstop.
The research also notes that East Asia is home to the five largest science and technology clusters in the world, including the cluster in Bengaluru, Delhi, Chennai, and Mumbai.
India has the highest rankings among the 80 indicators, including exports of information and communication technology (ICT) services (5th), venture capital (VC) received (6th), science and engineering graduates (11th), and international corporate R&D investors (13th).
The report notes that the number of patents, research and development (R&D), venture capital agreements, and scientific publications all climbed in 2022. The report also notes that the spending by the major R&D investors, the companies, hit $1.1 trillion in 2022, an increase of 7.4% from the previous year.