India has improved to rank 39 in 133 global economies as per the Global Innovation Index (GII) 2024, Union Minister Piyush Goyal said on Thursday, as he also added that the country also ranked first among the 10 economies in the Central and Southern Asian region. Rating X Piyush Goyal took to the microblogging site X to write: "Guided by the decisive leadership of Prime Minister Narendra Modi, India achieves these remarkable milestones: First among the 10 economies in Central & Southern Asia. First among the lower-middle-income economies. Fourth in WIPO Science & Technology (S&T) Cluster Ranking. Mumbai, Delhi, Bengaluru & Chennai are in the World's Top 100 S&T clusters. Seventh in the world in intangible asset intensity.".
India's rise in the GII ranking is important because the country had been languishing at 81st spot in 2015. The Union Minister of Commerce & Industry further said that India's innovation landscape continues to flourish, "powered by our innovators and entrepreneurs." GII 2024 captures the innovation ecosystem performance of 133 economies and tracks the most recent global innovation trends, a statement noted.
"In Central and Southern Asia, India continues to lead, moving one place forward to 39th position; Iran (64th), Kazakhstan (78th) and Uzbekistan (83rd) come next. In addition to India and Kazakhstan, three additional economies within the region go up in the ranking: Sri Lanka (89th), Kyrgyzstan (99th) and Tajikistan (107th)," the GII said in a statement. According to the GII, India leads the lower middle-income group, followed by Vietnam (44th) and the Philippines (53rd).
"The most spectacular increases in access to safely managed sanitation since 2012 have come in Central and Southern Asia (+6.6 per cent), with India a powerhouse, and in East and South East Asia (+4.6 per cent), again led by China, said the GII. "Year 2022 saw a strong increase in electromobility in India, Thailand and Indonesia". "Electric car sales in these countries tripled compared with 2021, mainly because of Tata's lead in the Indian market and government incentives to boost EV manufacturing," the GII said.
The GII has been deemed a reliable tool for governments around the world to assess innovation-driven changes in their respective economies and societies. According to the World Intellectual Property Organization's (WIPO) GII 2024, Switzerland, Sweden, the US, Singapore, and the UK are the world's most innovative economies, while China, Turkey, India, Vietnam, and the Philippines are the fastest 10-year climbers.
According to experts, the GII is an annual ranking of countries by their capacity for and success in innovation published by WIPO. The GII was established way back in 2007, by INSEAD (Institut Europeen d'Administration des Affaires) and World Business, a British magazine.
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