India retains 40th position in Global Innovation Index 2023

New Delhi: The NITI Aayog, in collaboration with the Confederation of Indian Industry (CII) and the World Intellectual Property Organization (WIPO), Geneva celebrated the unveiling of the Global Innovation Index 2023 in India.

With India retaining the 40th position out of 132 economies, the nation’s continued ascent in several innovation parameters is affirmed, reflecting a remarkable journey from its 81st rank in 2015 to this notable achievement.

The GII 2023 launch was graced by esteemed dignitaries, including Suman Bery, Vice-Chairman of the NITI Aayog; Dr. V.K. Saraswat, Member (S&T) of the NITI Aayog; BVR Subrahmanyam, Chief Executive Officer (CEO) of the NITI Aayog; Daren Tang, Director General of WIPO; Dr. Sacha Wunsch-Vincent, Co-Editor of the GII & Head of the Economics and Statistics Division, WIPO; Professor Rishikesha Krishnan, Director of the Indian Institute of Management, Bangalore; and Alok Nanda, Co-Chairman of the CII National Committee on Technology, Innovation & Research, and Chief Executive Officer of the GE India Technology Centre.

Dr. Sacha Wunsch-Vincent, in his elaborate address, commended India, particularly the NITI Aayog, for driving the country’s continuous forward march in the GII’s global rankings. He highlighted India’s exemplary data-driven innovation progress and national-level initiatives. Among middle-income nations, India’s consistent innovation growth in the last five years, attributed to effective policies and coordination, stands out. He added that India is in a “sweet spot” for an exciting future innovation journey, drawing, most notably, on its strong, highly educated, entrepreneurially minded, and intellectual property-savvy youth.

Key Highlights from GII 2023:

1. India’s Consistent Rise: India’s continued ascent in the GII, from its 81^st rank in 2015 to retaining the current 40^th position, underscores the nation’s unwavering commitment to innovation. This upward trajectory aligns with the vision of Atma Nirbhar Bharat, championed by the Prime Minister Narendra Modi, emphasizing self-reliance and resilience through innovation.

2. Leadership Among Peers: India emerges as the numero uno among 37 lower-middle-income group economies and stands tall as the number one innovation performer among the 10 economies in Central and Southern Asia.

3. Consistent Innovation Excellence: India continues to impress by surpassing expectations in relation to its level of development, maintaining its position as an “innovation achiever” for the 13^th consecutive year.

4. Strengths and Focus Areas: India ranks highest in the Market Sophistication (input pillar) and Knowledge and Technology Outputs (output pillar) categories. It ranks amongst the top 10 in the Infrastructure and Institutions pillars (input pillars).

5. Top-Ranked Indicator: India secures the top spot in the “Domestic market scale, bn PPP$” indicator. Furthermore, India is ranked in the top 10 in six additional indicators: “ICT Services exports, % total trade,” “Venture capital received, value, % GDP,” “Finance for startups and scaleups,” “Domestic industry diversification,” “Unicorn valuation, % GDP,” and “Intangible asset intensity, top 15, %.”

6. Innovation Outputs: India proudly ranks 35^th in innovation outputs, marking an improvement from the previous year.

7. Higher Graduates in Science and Engineering: India records 34% of total tertiary graduates in science and engineering in 2021, ranking 11^th in this indicator.

8. Startup Finance Recognition: India’s finance for startups and scaleups earns it the 9^th position in this category, while the Venture Capital Performance, though slightly lower than the previous year, secures the 6^th position.

9. Diverse Domestic Industries: India demonstrates growth in domestic industry diversification, reflecting a 0.46% increase from the prior year, and ranks 10^th in this indicator.

10. Patents and Citable Documents: India shows a substantial growth in patents by origin, ranking 28^th globally. Additionally, it achieved the 20^th rank in the citable documents H-index in 2022.

11. Unicorn Valuation: India’s unicorn valuation stands at 5.04% of GDP in 2023, securing the 9^th position in this indicator.

12. High-Tech Manufacturing: High-tech manufacturing contributed to 34.23% of the total manufacturing output in 2019, with India ranking 35^th in this category.

13. Intangible Asset Intensity: India achieved an impressive 8^th position in intangible asset intensity, and maintains a Global Brand Value of 210.907 billion USD in 2023, ranking 31^st globally.

14. Cultural and Creative Exports: India’s cultural and creative services exports soared in 2021, up by a substantial 21.4% from the prior year, securing the 18^th position in this thriving sector.

The Global Innovation Index 2023 launch in India exemplifies the nation’s unwavering commitment to innovation and its remarkable journey towards becoming a global innovation leader. As India consistently outperforms expectations and excels in various indicators, it stands poised to drive economic growth, foster resilience and embrace self-reliance through innovation.