India has moved up one spot to 39th place among 133 economies in the 2024 Global Innovation Index (GII), as reported by the World Intellectual Property Organization (WIPO), based in Geneva. Last year, the nation was positioned at 40th. Commerce and Industry Minister Piyush Goyal announced this advancement on social media platform X, highlighting the flourishing innovation landscape driven by the country’s innovators and entrepreneurs.
The steady improvement in India’s GII ranking can be attributed to its strong knowledge base, a dynamic start-up ecosystem, and the exceptional contributions from both public and private research organizations. The GII serves as a valuable framework for governments worldwide to evaluate the socio-economic impacts of innovation within their countries.
According to the GII 2024, Switzerland, Sweden, the United States, Singapore, and the United Kingdom are the top five most innovative economies globally. Additionally, China, Turkiye, India, Viet Nam, and the Philippines are recognized as the fastest climbers over the past decade.
In the broader context of 130-plus economies, China stands at 11th place, remaining the only middle-income nation in the GII top 30. In the Central and Southern Asia region, India retains its leading position at 39th, while the Islamic Republic of Iran is ranked 64th, falling two places. Kazakhstan follows at 78th, and Uzbekistan holds steady at 83rd.
India continues to excel in the lower middle-income group, marking 14 consecutive years of outperforming in innovation. Key indicators showcasing India’s strengths include leading the world in ICT services exports, significant venture capital influx, and a strong intangible asset presence. Furthermore, India’s unicorn companies have earned the nation the 8th position globally, reinforcing its status as a rising innovator on the world stage.
