New Delhi: India has made significant strides in the Global Innovation Index (GII) 2024, now ranking 39th among 133 global economies, according to data released by the World Intellectual Property Organization (WIPO) in Geneva. This marks a remarkable ascent of 42 positions over the past nine years, up from 40th place in 2023.
Indian Minister Piyush Goyal celebrated the achievement, sharing the news on social media platform X: “India rises to 39th position among 133 global economies in the Global Innovation Index 2024!”
The GII highlights Switzerland, Sweden, the United States, Singapore, and the United Kingdom as the world’s most innovative economies. Notably, India, along with China, Türkiye, Vietnam, and the Philippines, has been recognized as one of the fastest climbers over the past decade.
This year’s GII, now in its 17th edition, examines global innovation trends and aims to assist policymakers and business leaders in harnessing human ingenuity to tackle challenges such as climate change. The report also focuses on “social entrepreneurship,” highlighting the role of private-sector practices in driving positive social change.
However, the 2024 edition indicates a notable decline in key indicators of future innovation activity, reflecting a downturn in venture capital investment and research funding. Amid rising interest rates, venture capital funding decreased by approximately 40% in 2023, while international patent filings and scientific publications also saw a decline.
China remains the highest-ranking middle-income economy, positioned at 11th place, while 19 economies outperformed in innovation relative to their development levels. India, along with the Republic of Moldova and Vietnam, has consistently overperformed in innovation for the past 14 years.
In recent years, Saudi Arabia, Qatar, Brazil, Indonesia, Mauritius, and Pakistan have also made significant gains in the GII rankings. Notably, Indonesia, Pakistan, and Uzbekistan have maintained their overperformer status for the third consecutive year, while Brazil has achieved this for the fourth straight year.