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(Source: The Financial Express)

India climbs 24 spots in global innovation ranking since Modi’s arrival in 2014-15; check the top 10

In a boost to Modi government, India jumped three places to reach 57th spot on the Global Innovation Index (GII) rankings. However, India still lags in ease of starting a business, political stability and safety, and female employees with advanced degrees in the workforce.

But, what comes as a good news is that India has maintained the position as the top exporter of IT services globally. India ranked at 60th position in 2017 on GII rankings. In 2014-15, India was ranked 81st.

China broke into the world’s top 20 most-innovative economies as Switzerland retained its number-one spot in the index. Rounding out the GII 2018 top 10 are: the Netherlands, Sweden, the UK, Singapore, the US, Finland, Denmark, Germany and Ireland. China’s ranks at number 17the on the list.

The Global Innovation Index (GII) rankings, published annually by Cornell University, INSEAD and the UN World Intellectual Property Organisation (WIPO) and GII Knowledge Partners, ranked India at the 57th spot this year.

Top IT exporter

India ranked 105th on IT access and 110th on IT use. Despite being the top IT exporter, the use and access of information and communication technologies within the country is poor, the report says.

Middle income economies

India has moved up to the fifth position in the GII rankings, among lower middle-income economies.

Productivity growth

On a number of important indicators including productivity growth and exports of ICT and services, India ranks well.

GDP per capita

India has also outperformed on innovation relative to its GDP per capita for eight years in a row.

Other areas

The other areas of strength for India include the number of its science and engineering graduates, an area in which it ranked sixth overall. It ranked fourth on ease of protecting minority investors, 16th on trade, competition and market scale and within this section, third on domestic market scale measured in purchasing power parity, 18th on the global R&D companies indicator, 20th on gross capital formation and 35th overall in investment.

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