India Climbs to 39th in Global Innovation Index 2024: A Leap of 42 Spots in Nine Years

In Global Innovation Index: By Breaking into the Top 40, India Becomes a Global Innovation Powerhouse

Key Highlights of India’s GII 2024 Success:

• First among 38 lower-middle-income economies
• 4th in the WIPO Science and Technology Cluster Ranking
• Top-ranked in the Central and Southern Asia region
• Ranked 7th globally in intangible asset intensity, emphasizing the nation’s strength in non-physical assets like patents and trademarks

India’s relentless journey toward becoming a global innovation leader has taken a massive leap as the country secured the 39th position in the Global Innovation Index (GII) 2024, released on September 26. This represents a remarkable improvement of 42 places from its 81st ranking in 2015.

The GII, published annually by the World Intellectual Property Organization (WIPO), evaluates the innovation capabilities of 133 economies based on 80 indicators, ranging from infrastructure to knowledge and technology outputs.

India Leads in Lower-Middle-Income Economies

India has not only broken into the top 40 worldwide but has also claimed the top spot among 38 lower-middle-income economies. This accomplishment solidifies India’s leadership role in the innovation ecosystem of developing nations.

Technological Hubs Leading the Way

Indian cities have made a notable presence in the global innovation space, with Mumbai, Delhi, Bengaluru, and Chennai being recognized among the world’s top 100 science and technology clusters. These cities are bustling centers of research, development, and technological progress.

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India has also achieved a 4th-place ranking in the Science and Technology (S&T) Cluster Ranking by WIPO, underscoring the nation’s growing influence in cutting-edge innovation.

A Regional Innovation Leader

India has emerged as a regional powerhouse, ranking first among the 10 economies of Central and Southern Asia. Union Minister Piyush Goyal attributed this success to the “decisive leadership” of Prime Minister Narendra Modi, whose policies have focused on nurturing a thriving environment for innovation.

Minister Goyal celebrated the achievement on social media, stating, “India rises to 39th position among 133 global economies in the Global Innovation Index 2024! Guided by PM Narendra Modi’s decisive leadership, India achieves these remarkable milestones.”

Unicorn Nation: A Global Force in Innovation

India’s innovation prowess is not just limited to rankings. The country has also excelled in creating a robust ecosystem for unicorn companies—startups valued at over $1 billion—ranking 8th globally for its unicorn valuation.

Driving Innovation with Intangible Assets

A key aspect of India’s climb in the rankings is its focus on intangible assets like patents, trademarks, and intellectual property. India ranks 7th globally in intangible asset intensity, highlighting the growing importance of non-physical assets in driving the nation’s innovation forward.

Challenges and Future Outlook

The 2024 GII also reported a global softening in venture capital funding and research & development (R&D) expenditures. Despite these global challenges, India continues to perform strongly in ICT services exports, intangible asset intensity, and R&D, positioning itself as a global leader in technological development.

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With a robust policy framework and a thriving entrepreneurial ecosystem, India is poised to break further into the top tiers of global innovation in the coming years.

India’s Innovation Journey Is Just Beginning

India’s rise to the 39th spot in the Global Innovation Index is not just a milestone; it’s a testament to the country’s determination to foster a world-class innovation ecosystem. With continued investment in science, technology, and intangible assets, India is not only shaping its future but also positioning itself as a key player in global innovation.

As Prime Minister Modi remarked, this is a “remarkable feat,” and for India, the sky’s the limit.