India Enters Top 40 Economies In Global Innovation Index

The country also ranked top in the list of 10 economies in central and South Asia

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According to the 2022 global innovation index, released by the World Intellectual Property Organisation (WIPO), India has paced into the top 40 economies in the world among 132 countries, growing up six places from last year and securing the top position among 36 lower middle-income group economies. The country also ranked top in the list of 10 economies in central and South Asia.

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"Switzerland, US, Sweden UK and the Netherlands are the world's most innovative economies, with China on the threshold of the top 10. Other emerging economies are also showing consistently strong performance, including India and Turkey, both of which entered the top 40 for the first time. India has overtaken Vietnam as the top lower middle-income economy for innovation," WIPO said in an official statement.

Commenting on the India's growth as a top economy, Prime minister Narendra Modi tweeted that, "Innovation is the buzzword across India. Proud of our innovators. We have come a long way and want to scale even newer heights."

GII co-editor and dean of the Said Business School at Oxford University, Soumitra Dutta, said in a statement that, "With their rise in terms of innovation performance in the shadow of shocks to global supply chains. Turkiye and India are positively enriching the global innovation landscape, while Indonesia shows promising potential."

According to the WIPO report, India is the innovation leader in the lower middle-income group. It continues to lead the world in information, communication and tech (ICT) services exports and holds top rankings in other indicators, including venture capital receipt value, finance for startups and scaleups, graduates in science and engineering, labour productivity growth and domestic industry diversification.