Decoding 41-position bounce of India in Global Innovation Index since 2015

India has made extraordinary progress within the international innovation index score, rating within the high 40 for the primary time, in response to the World Intellectual Property Organization’s (WIPO) annual report launched on September 29. India is now ranked fortieth within the Global Innovation Index (GII) 2022 rankings, up six spots.

India has moved up 41 positions within the GII rankings in the course of the previous seven years. In the GII 2021 rankings, India, which had been ranked 81st in 2015, moved as much as place 46. It jumped 6 positions compared to final yr.

The rankings are launched by the World Intellectual Property Organization (WIPO). It prepares an annual rating of essentially the most progressive economies on this planet. The index highlights the strengths and weaknesses of innovation while evaluating the efficiency of over 132 economies. Here on this piece, we are going to talk about the main points highlighted within the report and its implications.

Decoding the Global Innovation Index 2022

WIPO launched the Global Innovation Index 2022 report, in collaboration with the Portulans Institute and with the help of company companions such because the Confederation of Indian Industry (CII), the Brazilian National Confederation of Industry (CNI), Ecopetrol (Colombia), and the Turkish Exporters Assembly (TIM).

Source: WII 2022

The GII 2022 displays international innovation patterns within the context of an ongoing pandemic, slowed productiveness development, and different rising points. India was positioned fortieth out of the world’s 132 economies. Furthermore, India leads the lower-middle revenue class in addition to the Central and South Asian area.

Source: WII 2022

According to the report, India’s innovation efficiency is above common for the upper-middle-income group in virtually each innovation pillar, except for infrastructure, which is performing common. There are numerous extra areas through which India has succeeded within the section.

According to Chandrajit Banerjee, Director General of the Confederation of Indian Industry (CII), India is present process monumental transitions immediately, starting from house know-how and sensible cities to well being care and telecommunications, all of that are being pushed by artistic options. India’s Chandrayaan-2 Moon orbit, digital identification know-how (Aadhar), common well being care, and the indigenous vaccine Covaxin are only a few situations of the nation’s current progressive brilliance throughout various sectors.

Banerjee states that the WIPO’s Global Innovation Index (GII) captures all these adjustments, highlighting the areas through which the innovation efficiency of India is enhancing and selling the continued development of its data inputs and outputs. The particular topic for this yr, “What is the future of innovation-driven growth?” explores the perform and significance of digital applied sciences in elevating nationwide productiveness.

Emerging applied sciences are serving to Indian companies innovate considerably. They are due to this fact contributing to the socioeconomic change of the nation. Moreover, startup tradition has unfold all through the nation, making India the third-largest startup financial system on this planet.

The rising stature of India on the Global stage

India, a nation in South Asia, is without doubt one of the most populous democracies on this planet, with over 1.38 billion individuals. India has a wealthy cultural heritage that spans many various languages, customs, and communities.

India’s GDP simply surpassed that of the United Kingdom to take fifth place on this planet. According to the International Monetary Fund’s (IMF) GDP estimates, India achieved the accomplishment within the last three months of 2021 (October, November, and December). The lead over the United Kingdom was expanded additional within the first quarter of 2022. In nominal money phrases, India’s financial system stood at $854.7 billion as in comparison with the United Kingdom’s $816 billion on the final day of the primary quarter in March this yr.

Image: IND Money.

It is fascinating to notice that India ranked 11 roughly a decade in the past. The United Kingdom had beforehand been the world’s fifth largest financial system however has now fallen to sixth place. India is advancing its ambition to grow to be a $5 trillion financial system. India has risen to fifth place, after the United States, China, Japan, and Germany.

With a large inhabitants, beneficial demographics, and a major potential for catch-up development because of its low baseline GDP per capita, India is the fastest-growing financial system on this planet. As a outcome, it’s nearly sure to maintain on rising within the international GDP league desk over the approaching years.

Trends past numbers

Though there’s a lot that may be expressed via the numbers, a lot is left to be deciphered. When discussing the financial system in post-2014 India, it’s essential to keep in mind that the federal government’s involvement with the company sector has considerably strengthened. It can’t be acknowledged in quantifiable phrases however the belief and bond between the company and the general public sector have elevated over the past seven to eight years. This clearly isn’t due to some magic or an final result of any international development. This is as a result of the home dispensation in India realised the necessity of the hour and acted responsibly over time. Not going into the specifics, however the insurance policies introduced by the NDA authorities underneath Narendra Modi modified the entire canvas of the financial system in India.

The international angle in direction of India has additionally modified dramatically over time. Gone are the times when India used to bandwagon and search asylum in tough instances. With altering instances, India has come as much as a spot that not solely decides issues regarding itself however performs a decisive position on a number of international platforms searching for to deal with main international points. Ranging from well being to digital development to schooling to infrastructure, the efficiency of India has been rising in nearly all sectors. The place of India in GII reinforces its dedication to contributing to international well-being and benevolence.

Prime Minister Modi in World Economic Forum.

The angle of the federal government, underneath PM Modi, has explicitly been of minimal authorities and most governance. This is the angle which has resulted within the risen confidence within the plebeian. A change within the GII rating doesn’t emanate from a change in some parameters within the financial system. It is the end result of full-fledged involvement of the widespread public within the actions of governance. More is the participation, extra are the phases of interplay and thus, extra are the challenges requiring an answer, leading to an progressive final result. The participation of all sectors, particularly unorganised ones, has considerably influenced the rating.

The shift in India’s rating additionally displays the nation’s sentiment. It demonstrates that India already leads the league of rising economies and that the day is not going to be far off when it will likely be among the many developed ones, retaining its angle and beliefs of worldwide tolerance and solidarity. The New India is now Aatmanirbhar, the place it can’t solely help itself but in addition assist those that are left behind on this planet, not compromising its integrity and sovereignty at any value.