India's Rising Position in the Global Innovation Index 2024
Understanding India's Progress in the Global Innovation Index
India's ascent to 39th rank in the latest Global Innovation Index (GII) signifies a pivotal moment. This improvement is attributed to the thriving knowledge capital and an energetic start-up ecosystem. The GII serves as a crucial benchmark for assessing social and economic transformations driven by innovation.
Key Factors Contributing to India's GII Ranking
- Top Rank in ICT Services Exports: India leads globally in this area.
- Active venture capital investments contributing to innovation.
- Strong Presence of Unicorn Companies: Enhancing India's global standing.
Regional Insights and Global Comparison
Globally, the most innovative economies include Switzerland, Sweden, and the United States. In Central and Southern Asia, India stands out, with the Islamic Republic of Iran and Kazakhstan following. This ranking highlights India's dominance in the lower-middle-income category, having shown consistent improvement in innovation performance for 14 consecutive years.
Developments in Science and Technology
- Notable science and technology clusters in India:
- Bengaluru
- Delhi
- Chennai
- Mumbai
Overall, India's placement in the GII underscores the significant contributions to innovation driven by both the public and private sectors.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.