India Climbs to 38th in Global Innovation Index Rankings

India has risen to 38th place among 139 economies in the latest Global Innovation Index (GII), improving from its previous position of 39th last year. This annual index, which assesses the innovation capabilities of countries, utilizes approximately 80 indicators categorized into innovation inputs and outputs to evaluate diverse aspects of innovation.

In this year’s rankings, China has made a significant impact by entering the top 10 for the first time, overtaking Germany. This shift underscores China’s rapid advancements in research and development. The GII revealed that Switzerland continues to hold the top position, followed by Sweden and the United States. Notably, the survey indicates that China is on a trajectory to become the largest global spender on research and development, with the nation accounting for about a quarter of international patent applications in 2023.

The growing dominance of China in the innovation landscape highlights its expanding economic strength and industrial capabilities, particularly in patent ownership. The report also suggests that global innovation growth may face challenges, projecting a slowdown to 2.3% this year, down from 2.9% in 2022. This marks the lowest growth rate since 2010, following the global financial crisis.

Despite slipping to 11th place, GII co-editor Sacha Wunsch-Vincent reassured that Germany’s position does not reflect negative impacts from tariffs imposed during former President Donald Trump’s administration. The other nations in the top 10 rankings include South Korea, Singapore, Britain, Finland, Netherlands, and Denmark, all positioned above China, which ranks 10th.

India’s performance in the GII reflects a notable strength in innovation outputs compared to inputs. The country ranks first among the 37 economies classified as lower middle-income, demonstrating its potential in the global innovation landscape. As the world’s most populous nation, India is showing promise in enhancing its innovation capabilities, contributing positively to its economic development.

The findings from the Global Innovation Index serve as a critical reminder of the dynamic nature of global innovation, emphasizing the need for nations to adapt and invest strategically in research and development to maintain competitive advantages in an ever-evolving economic environment.