The steep rise in the speed of scientific and technical innovation in India over the last couple of years has fast forwarded economic growth and social development in the country. As per the Global Innovation Index (GII) 2022, India’s GII ranking has significantly improved to 40 in 2022 from 81 in 2015.
The Global Innovation Index (GII) tracks the most recent global innovation trends and brings to the fore the most innovative economies in the world, ranking the innovation performance of around 132 economies. This is done by highlighting the innovation strengths and weaknesses of the said economies. The countries are ranked on the basis of 80 indicators, including measures on the political environment, education and infrastructure.
Over the years, the GII has evolved into an invaluable benchmarking tool encouraging nations to leverage innovation for economic prosperity and social good. Today, India is leading the way in innovation leadership in the lower middle-income group. Not only does the country lead in ICT services exports, but also tops the list of other indicators like venture capital receipt value, finance for startups and scaleups, number of science and engineering graduates, and labour productivity growth.
With the largest increase in contributions made to high-quality scientific research, India ranks 2nd amongst 132 countries. Owing to its rapid innovation drive, India is poised to emerge as the go to destination for scientific research.
India’s research ecosystem has been creating immense employment opportunities for multinational organizations across the globe, with many multinationals shifting their R&D base to India.
The pandemic brought in its wake, immense opportunities for the R&D industry across the world. India, as of today, has 25 innovation centres and the is the top -innovation destination in Asia and the 2nd in the world.
Owing to the practical and frugal solutions sought by people across the globe, India has become a sanctuary for market innovations, which is quite evident from the rise in number of filed patents. According to the Ministry of Commerce and Industry, Government of India, the total number of patent filings in India has gone up from 42,763 in 2014-15 to 66,440 in 2021-22.
India is endowed with all essential ingredients required to be a global driver of innovation – a robust market potential, exceptional talent pool and a thriving culture of prudent innovation. India has immense talent and the potential to become a leader in digital ecosystem.
Moving forward, with the support of the Government, India’s entrepreneurial spirit can be liberated, and a golden opportunity can be created to take unique ideas to the global markets, for which the nation needs to be at the top of the value chain.
India celebrated its 75th year of Independence on a strong foundation for productivity and growth, and an acceleration in scientific and technical innovation is driving rapid economic progress throughout the country.
Today, India is experiencing significant transformation, from space technology and smart cities to health care and telecommunications, all driven by innovative solutions. India’s Chandrayaan-2 Moon orbit, digital identity technologies (Aadhar), universal health care and the indigenous vaccine Covaxin, are just several prominent examples of the country’s current innovation prowess across various sectors.
CII has been the founding knowledge partner of Global Innovation Index (GII) since 2007 and has been directing myriad initiatives in ushering in an innovation driven economy for India. It also works in close partnership with the Indian Government and other stakeholders to inspire Indian industry to recognize and embrace innovation.
A strong Innovation landscape is an imperative for a developing nation like India. Therefore, to propel innovation-driven growth in the country, the focus on innovation and R&D must remain strong, which will help the Indian economy reach new heights.