India’s Remarkable Journey: Retaining the 40th Rank in the Global Innovation Index 2023

In the ever-evolving landscape of global innovation, India stands tall, securing its 40th rank out of 132 economies in the prestigious Global Innovation Index (GII) 2023. The World Intellectual Property Organization (WIPO) has once again recognized India’s steadfast commitment to innovation. This significant achievement reflects India’s relentless climb from the 81st position in 2015 to its current ranking, affirming its position as an emerging innovation powerhouse on the world stage.

The Innovation Odyssey

Over the past several years, India’s journey in the realm of innovation has been nothing short of awe-inspiring. From a modest 81st place in 2015, India has broken through barriers and surged to the 40th spot in 2023. This transformation underscores India’s unwavering dedication to fostering innovation as a driving force for its future.

Innovation: A Shield Against Crisis

In the face of unprecedented challenges brought forth by the global pandemic, innovation has emerged as India’s shield. Prime Minister Narendra Modi’s clarion call for an “Atma Nirbhar Bharat” (self-reliant India) resonated deeply in the hearts and minds of the nation’s innovators. It underscored the pivotal role innovation plays in fortifying the country’s resilience against adversity.

The Engines of Progress

India’s ascent in the GII rankings owes much to its vast knowledge capital, a vibrant start-up ecosystem, and the remarkable contributions of public and private research organizations. It’s a collective effort where various government departments, including the Department of Science and Technology, the Department of Biotechnology, the Department of Space, and the Department of Atomic Energy, have played instrumental roles in nurturing the National Innovation Ecosystem. Additionally, ministries such as Electronics and IT, Telecommunications, Agricultural Research & Education, and Health Research have made significant contributions.

Atal Innovation Mission: A Catalyst for Change

At the heart of India’s innovation ecosystem, the Atal Innovation Mission deserves special mention. It has not only played a pivotal role but has also been instrumental in expanding the horizons of innovation.

NITI Aayog’s Stalwart Efforts

NITI Aayog, India’s policy think tank, has left no stone unturned in its pursuit of policy-led innovation. It has focused on various domains such as electric vehicles, biotechnology, nanotechnology, space, and alternative energy sources. Moreover, NITI Aayog’s efforts extend beyond the national level, as it actively contributes to the growth of innovation ecosystems in states and districts. It keeps a vigilant eye on India’s global rankings, including those in the GII, ensuring that the nation’s innovation journey remains on course.

The GII: A Beacon for Progress

The Global Innovation Index (GII) has evolved into a reliable tool for governments worldwide. It enables them to assess the impact of innovation on their social and economic landscapes. Over the years, the GII has become an invaluable policy tool, aiding governments in introspecting and shaping their innovation agendas.

Industry’s Role: CII’s Collaboration

The Confederation of Indian Industry (CII) has been a staunch collaborator in India’s quest for an innovation-driven economy. In a demonstration of their continued partnership, this year, NITI Aayog, in association with CII and WIPO, is hosting the virtual India Launch of GII 2023 on the 29th of September, 2023.

A Grand Unveiling

The launch event promises to be a grand affair, graced by esteemed dignitaries. Among the luminaries attending are Shri Suman Bery, Vice-Chairman, NITI Aayog; Dr. V.K. Saraswat, Member, NITI Aayog; Shri BVR Subrahmanyam, Chief Executive Officer, NITI Aayog; Mr. Daren Tang, Director General, WIPO; Dr. Sacha Wunsch-Vincent, Co-Editor, GII & Head, Economics and Statistics Division, WIPO; Dr. Nausad Forbes, Chairman, CII National Committee on Technology, Innovation & Research, and Co-Chairperson, Forbes Marshall; Professor Rishikesha Krishnan, Director, Indian Institute of Management, Bangalore; and Sh. Alok Nanda, Co-Chairman, CII National Committee on Technology, Innovation & Research, and CEO, GE India Technology Centre.

In the grand tapestry of global innovation, India’s remarkable ascent in the GII rankings serves as a testament to its unwavering commitment to shaping a brighter and more innovative future. As the nation continues its innovation journey, the world watches with anticipation, eager to witness the transformative power of Indian ingenuity.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.