- India ranks among the top five countries in terms of number of unicorns
- India tops the group of 37 low-income countries
New Delhi: Innovation ranking According to the latest report released on India is ranked 40th and has maintained this position for the past several years. Global issued by the World Intellectual Property Organization (WIPO). Innovation According to the Index (GII) 2023, India ranks among the top five countries in terms of number of startup unicorns, while India ranks first among the group of 37 low-income countries. That means India ranks first among these 37 countries in terms of innovation.
India retained the 40th position and outperformed expectations in the innovation sector for the 13th consecutive year, said a statement from the GII, which issued the ranking report. The first of the top five countries in this ranking is Switzerland, which has retained this position for the 13th year in a row. Then Sweden comes second, America comes third. Britain and Singapore ranked fourth and fifth respectively on the innovation list. China, which tops the middle-income group, is ranked 12th and Japan 13th in this global list of innovation.
According to the report, India ranks among the top countries in several key areas, such as India ranking fifth in ICT service exports, sixth in VCs received, 11th in science and engineering graduates and 13th in global corporate R&D investors.
Only five countries, including India, account for 80 percent of the world’s unicorns, including the United States (54 percent), China (14 percent), India (6 percent), Britain (4 percent) and Germany (2 percent).
GII reviews the performance of the innovation ecosystem of 132 countries of the world and the current trends in the field of research and publishes its report. Earlier in 2015, India was ranked as high as 81st in the list and has since lost ground in the innovation ranking and for the last eight years the country has been at 40th position, which it has maintained this year as well.
Commenting on the latest GII ranking, the NITI Aayog of India said, “The reason for the continuous improvement in the GII ranking is that we have an immense capital of knowledge, a vibrant start-up ecosystem and exceptional performance by government and private research units. Innovation is the strongest tool we have to fight the situation created by Covid and it gets the most boost through the Prime Minister’s Atmanirbhar Bharat programme.”
Other aspects in which India has performed well in the ranking include exports of cultural and creative services (ranked 18th), intangible asset intensity (ranked 8th) and comprehensive market reforms (ranked 20th) in terms of trade.
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