Innovation-driven Indian Economy Climbing Steadily in Global Innovation Ladder

The NITI Aayog in alliance with the Confederation of Indian Industry (CII), and the World Intellectual Property Organization (WIPO), Geneva celebrated the launch of the Global Innovation Index (GII) 2023 in which India retained its 40th  position among 132 economies. The GII is based on innovation-driven capabilities to rank the global economies annually to explore the all-round dimensions of innovation across various categories.

The steady progress showcases the hard work involved in meeting the innovation parameters driven by the refined knowledge assets, data-based progress for innovation, initiative, and policy programs run at the national level by the Government of India along with state governments, and growth of the startup ecosystem, among many others. The magnificent research done by public and private organizations to support the ongoing innovation journey of the country is also highly appreciable.

 NITI Aayog has ensured optimized innovation in diverse fields and played a vital role in improving the innovation ecosystem. In 2023, India performed better in innovation outputs and ranked 21st in Market Sophistication, 22nd in Knowledge and technology output, and 57th in Business Sophistication. Topped in the list of 37 middle-income nations, India’s primary innovation strengths are Domestic market scale, ICT services exports, GDP growth, and market trade, among others.

India secured the 1st position among the ten economies in Central and Southern Asia. Another key ranking is “innovation achiever”  for consecutively 13th year, where the funding for start-ups and their consecutive scale-ups has played a significant role. India secured 11th position in enrolment in science and engineering at the level of 2021 registering a growth of 34%. The domestic industry diversification has also shown growth of 0.46% and secured 10th position on the index to maintain the overall performance on the innovation index.

The rising number of patents has helped India to achieve 28th position in the category along with rising unicorn valuation with Global Brand Value ranking at  31st. India’s 18th position in the cultural and creative services category has also provided a diverse innovation outlook of India’s policy intervention. The steady growth ensures and opens the doorway to becoming a global leader in the innovation domain ensuring to withstand all odds, to boost economic growth, and welcome innovation-driven self-reliance for ‘Atmanirbhar Bharat’.