India climbs one position to 39th rank in Global Innovation Index 2024

India has climbed to the 39th position out of 133 economies in the Global Innovation Index (GII) 2024, according to the World Intellectual Property Organization (WIPO). This marks an improvement from last year’s 40th rank. Commerce and Industry Minister Mr. Piyush Goyal highlighted this achievement on social media, emphasizing the role of Indian innovators and entrepreneurs in fostering a vibrant innovation landscape.

The GII is a crucial tool for governments to evaluate innovation-driven social and economic changes. Switzerland, Sweden, the United States, Singapore, and the United Kingdom are recognized as the most innovative economies globally. Notably, India, China, Turkiye, Vietnam, and the Philippines rank among the fastest climbers over the past decade. India leads the innovation rankings in Central and Southern Asia, followed by Iran and Kazakhstan. The country excels in key areas such as ICT services exports, venture capital, and intangible asset intensity, securing the top global position in ICT services exports and the 8th rank for unicorn companies. This consistent improvement reflects India’s commitment to innovation, achieving a record of overperforming in this area for 14 consecutive years.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.