India has jumped five places over last year and has reached to the 52nd rank on the Global Innovation Index (GII), 2019. As compared to the previous data, India has jumped to this rank by 29 places in the last five years and from 81 in 2015.
However, Switzerland still tops the list and Israel for the first time finds its place on the top ten.
India’s 2019 rank in GII represents the highest jump by any of the major economies. India also remains on the second rank in terms of the quality of innovation amongst middle-income economies.
The ranking also signifies that India has managed to maintain its leadership position as the most innovative nation in the Central and South Asia region every year since 2011.
India also ranks 15th in the global companies’ R&D expenditures, because of the good performance in critical economic indicators such as productivity growth and exports of services related to information and communication technologies this year.
“Facilitating entrepreneurship through innovation is a critical component under our vision of new India by 2022. India’s consistent rise at the global innovation index is a testimony of its people’s entrepreneurial prowess, said Commerce and Industry Minister, Piyush Goyal at the launch of the Global Innovation Index 2019 in the capital.
Innovation does not come new to India and we are seriously looking at increasing our spends at R&D, Goyal added. “Right from establishing hundreds of Atal Innovation Labs to Mangalyaan and Chandrayaan, this new approach and engagement adopted by the government have become the new hallmark of India as we move towards a more prosperous country,” he said.
(Source Economic Times)