Global Innovation Index 2023: India maintains its 40th position in the latest Global Innovation Index 2023, a report released by the World Intellectual Property Organisation (WIPO). This index meticulously tracks the performance of 132 global economies within the innovation ecosystem, providing insights into the latest global innovation trends. Remarkably, India has risen from its 81st position in 2015, showcasing consistent progress over the past eight years. NITI Aayog, in a statement, attributed this remarkable ascent to India’s substantial knowledge capital, the thriving startup ecosystem, and the commendable efforts of both public and private research organizations.
Here are ten key highlights from the Global Innovation Index 2023 report:
1. Switzerland Secures Top Position: Switzerland continues its dominance by ranking first in the index for the 13th consecutive year. Sweden follows closely in second place, with the United States in third. The United Kingdom and Singapore occupy the fourth and fifth positions, respectively, with Singapore entering the top five.
2. China’s Ascendancy: China, the sole middle-income economy among the top 30, now stands at the impressive 12th position, while Japan follows closely at 13th.
3. Expansive Data Collection: The Global Innovation Index relies on a comprehensive dataset, gathering data from 80 indicators sourced from international public and private channels. This approach goes beyond traditional innovation metrics, reflecting the evolving definition of innovation, as stated by WIPO.
4. India and Remarkable Progress:India joins the league of 21 economies that have consistently outperformed their innovation relative to their developmental level for 13 consecutive years. Notable countries achieving this feat include the Republic of Moldova and Vietnam.
5. Electric Vehicle Market Surge: The report highlights the significant growth in the global market share of electric vehicle sales, increasing from 4% in 2012 to an impressive 14% in 2022. Electric vehicles are expanding beyond cars, with electric buses and trucks emerging, while electric three-wheelers, particularly in India, are experiencing substantial growth, constituting over half of three-wheeler registrations in 2022.
6. Rising Stars: India, Iran, the Philippines, Turkiye, Vietnam, and Indonesia are among the economies within the top 65 of the GII that have made remarkable progress in the past decade, according to the GII report.
7. Unicorn Company Landscape:As of April 2023, there were 1,206 unicorn companies worldwide, situated across 50 different countries. Notably, only five economies host 80% of the world’s unicorns: the United States (54%), China (14%), India (6%), the United Kingdom (4%), and Germany (2%).
8. Unicorn Valuations: Out of a total unicorn valuation of USD 3.8 trillion in 2023, the United States leads the pack with USD 2 trillion. China follows with USD 736 billion, while India secures the third position with USD 193 billion.
9. India’s Leading Indicators: Within Central and Southern Asia, India maintains its lead and holds the 40th position overall. India takes the top spot within the Central and Southern Asia region for Human capital and research (48th), Business sophistication (57th), and Knowledge and technology outputs (22nd). Notable indicators include ICT services exports (5th), Venture capital received (6th), Graduates in science and engineering (11th), and Global corporate R&D investors (13th).
The Global Innovation Index 2023 provides a comprehensive snapshot of the innovation landscape, reaffirming India’s progress in the global innovation arena.
