New Delhi: India has climbed to the 39th position in the Global Innovation Index (GII) 2024, ascending one rank from its previous 40th position among 133 global economies, as reported by the World Intellectual Property Organization (WIPO).
Union Commerce and Industry Minister Piyush Goyal shared this achievement on social media platform X, crediting India’s climb to its vibrant startup ecosystem, solid knowledge base, and the synergistic efforts of both public and private research entities.
The GII serves as an annual benchmarking tool, enabling governments to gauge innovation’s role in driving socio-economic progress and is internationally acknowledged for providing insights into innovation trends. While nations like Switzerland, Sweden, the U.S., Singapore, and the U.K. maintain their lead, countries such as India, China, Turkiye, Vietnam, and the Philippines have demonstrated the most notable advancements over the past decade.
India remains the top performer within the lower middle-income category, exceeding innovation expectations for the 14th year in a row. The nation leads in ICT services exports, holding the global top spot, and shows robust venture capital reception and intangible asset development. Furthermore, India’s burgeoning unicorn ecosystem ranks it as the world’s 8th largest.
In its region, India is at the forefront in Central and Southern Asia, followed by Iran (64th), Kazakhstan (78th), and Uzbekistan (83rd). China continues to be the frontrunner among the middle-income countries, securing the 11th place overall. The insights from the GII are intended to assist policymakers and industry leaders in harnessing innovation to address pressing global issues, including climate change.
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