Switzerland tops the list followed by Sweden, United States, United Kingdom, Singapore, Finland, Netherlands, Germany, Denmark, and the Republic of Korea.
Representative image / (Image: iStock)
India retained the 40th position on the list of the most innovative economies in 2023 according to the World Intellectual Property Organization’s (WIPO) Global Innovation Index (GII), that ranks 135 economies across the world.
Commenting on India's accomplishment, the country's nodal agency NITI Aayog said in a press statement, "India has been on a rising trajectory, over the past several years in the Global Innovation Index (GII), from a rank of 81 in 2015 to 40 in 2023. Innovation has been at the forefront of our battle against the unprecedented crisis created by the pandemic and will be pivotal in driving the country’s resilience."
The top ten countries featured in the list include Switzerland, Sweden, the USA, the United Kingdom, Singapore, Finland, Netherlands, Germany, Denmark, and the Republic of Korea.
"A total of 21 economies outperformed on innovation as expected relative to their level of development, the majority located in Sub-Saharan Africa and South East Asia, East Asia, and Oceania. India, the Republic of Moldova and Viet Nam are each innovation overperformers for 13 years in a row," WIPO said. The director general of the organization, Daren Tang said that a group of emerging economies are consistently climbing the GII ranks.
The findings conclude that scientific publications, research and development (R&D), and the number of venture capital (VC) deals and patents continued to increase to higher-than-ever levels. It observed that the technology adoption is developing positively even though penetration for some technologies, such as electric vehicles and cancer treatment, remains low.
Further, the recent surge of artificial intelligence and the information and computing technology (ICT) hardware sectors saw graphic card and chipmakers in the lead with the most notable R&D growth in 2022. Meanwhile, other sectors that cut back R&D spending during the pandemic, such as automobiles and travel and leisure, invested strongly again in 2022.