India Climbs to 39th Rank in Global Innovation Index 2024
India has ascended one spot to secure the 39th position among 133 global economies in the Global Innovation Index (GII) 2024, as reported by the World Intellectual Property Organization (WIPO). The country was ranked 40th last year.
Union Minister of Commerce and Industry, Piyush Goyal, highlighted this achievement on social media platform X, stating, "India rises to 39th position among 133 global economies in the Global Innovation Index 2024." He credited India's vibrant innovation landscape to its dynamic start-up ecosystem, knowledge capital, and research organizations in both public and private sectors.
The GII, an annual ranking, serves as a critical tool for governments worldwide to evaluate innovation-driven social and economic development. It is widely regarded as a benchmark for tracking global innovation trends.
Switzerland, Sweden, the United States, Singapore, and the United Kingdom maintained their positions as the world's most innovative economies, while India, China, Turkiye, Viet Nam, and the Philippines have been identified as the fastest climbers over the past decade.
India remains the top performer in the lower middle-income group and has consistently overachieved on innovation indicators for the 14th consecutive year. Among its notable strengths are its global leadership in ICT services exports, ranking first worldwide, as well as strong performance in venture capital received and intangible asset intensity. Additionally, India's unicorn companies have propelled the country to the 8th spot globally.
In the regional context of Central and Southern Asia, India leads the pack, followed by Iran (64th), Kazakhstan (78th), and Uzbekistan (83rd).
China continues to dominate among middle-income economies, achieving 11th position in the overall GII rankings. The GII's insights aim to guide policymakers and business leaders in harnessing human ingenuity to address global challenges, such as climate change.