India maintains 40th Position in Global Innovation Index 2023

Global Innovation Index. Image credit Pixaby


New Delhi/IBNS: India retained the 40th position out of 132 economies in the Global Innovation Index (GII) 2023, reflecting a remarkable journey from its 81st rank in 2015 to this notable achievement.

The NITI Aayog, in collaboration with the Confederation of Indian Industry (CII) and the World Intellectual Property Organization (WIPO), Geneva celebrated the unveiling of the Global Innovation Index (GII) 2023 in India.

The government highlighted key points in India’s performance:

1.      India’s Consistent Rise: India’s continued ascent in the GII, from its 81st rank in 2015 to retaining the current 40th position, underscores the nation’s unwavering commitment to innovation. This upward trajectory aligns with the vision of Atma Nirbhar Bharat, championed by the Prime Minister Narendra Modi, emphasizing self-reliance and resilience through innovation.

2.      Leadership Among Peers: India emerges as the numero uno among 37 lower-middle-income group economies and stands tall as the number one innovation performer among the 10 economies in Central and Southern Asia.

3.      Consistent Innovation Excellence: India continues to impress by surpassing expectations in relation to its level of development, maintaining its position as an “innovation achiever” for the 13th consecutive year.

4.      Strengths and Focus Areas: India ranks highest in the Market Sophistication (input pillar) and Knowledge and Technology Outputs (output pillar) categories. It ranks amongst the top 10 in the Infrastructure and Institutions pillars (input pillars).

5.      Top-Ranked Indicator: India secures the top spot in the “Domestic market scale, bn PPP$” indicator. Furthermore, India is ranked in the top 10 in six additional indicators: “ICT Services exports, % total trade,” “Venture capital received, value, % GDP,” “Finance for startups and scaleups,” “Domestic industry diversification,” “Unicorn valuation, % GDP,” and “Intangible asset intensity, top 15, %.”

6.      Innovation Outputs: India proudly ranks 35th in innovation outputs, marking an improvement from the previous year.

7.      Higher Graduates in Science and Engineering: India records 34% of total tertiary graduates in science and engineering in 2021, ranking 11th in this indicator.

8.      Startup Finance Recognition: India’s finance for startups and scaleups earns it the 9th position in this category, while the Venture Capital Performance, though slightly lower than the previous year, secures the 6th position.

9.      Diverse Domestic Industries: India demonstrates growth in domestic industry diversification, reflecting a 0.46% increase from the prior year, and ranks 10th in this indicator.

10.  Patents and Citable Documents: India shows a substantial growth in patents by origin, ranking 28th globally. Additionally, it achieved the 20th rank in the citable documents H-index in 2022.

11.  Unicorn Valuation: India’s unicorn valuation stands at 5.04% of GDP in 2023, securing the 9th position in this indicator.

12.  High-Tech Manufacturing: High-tech manufacturing contributed to 34.23% of the total manufacturing output in 2019, with India ranking 35th in this category.

13.  Intangible Asset Intensity: India achieved an impressive 8th position in intangible asset intensity, and maintains a Global Brand Value of 210.907 billion USD in 2023, ranking 31st globally.

14.  Cultural and Creative Exports: India’s cultural and creative services exports soared in 2021, up by a substantial 21.4% from the prior year, securing the 18th position in this thriving sector.