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Mahesh

29/09/23 06:17 AM IST

Global Innovation Index 2023

In News
  • India ranked first among the 37 lower-middle group income and first among the 10 economies in Central and South America.
Major Findings
  • India has maintained its 40th rank in the latest Global Innovation Index (GII) 2023 released by the World Intellectual Property Organisation (WIPO).
  • India maintains its 40th position overall and takes the helm in the lower middle-income group. It holds the record for overperforming on innovation for the 13th consecutive year.
  • India holds top rankings in key indicators, including ICT services exports (at place 5), VC received (6), graduates in science and engineering (11) and global corporate R&D investors (13).
  • The GII tracks the innovation ecosystem performance of 132 global economies and the most recent global innovation trends.
  • In 2015, India stood at the 81st spot and has been rising in the past eight years.
  • The consistent improvement in the GII ranking is owing to the immense knowledge capital, the vibrant start-up ecosystem, and the amazing work done by the public and private research organizations.
  • Other parameters where India performed fairly better include– cultural and creative services exports as percentage of trade (18th rank), intangible asset intensity (8th rank), and overall market sophistication (20th rank).
  • The broad areas where a lot of improvement needs to happen are infrastructure (84th rank), business sophistication (57) and institutions (56).
  • Of the 21 economies that outperformed on innovation relative to their level of development, the majority are located in Sub-Saharan Africa and SouthEast Asia, East Asia, and Oceania.
  • Along with India, the Republic of Moldova and Vietnam have also been innovation overperformers for 13 years in a row and Indonesia, Pakistan and Uzbekistan have maintained their overperformer status for a second year and Brazil for a third consecutive year.
Global Rankings
  • Denmark (9th) and the Republic of Korea (10th) remain in the top 10. France (11th) gets closer, improving one rank this year, while Japan remains strong as the 13th most innovative economy. Israel re-enters the top 15, reaching 14th place.
  • China remains the sole middle-income economy to secure a position among the top 30, retaining 3rd place in the SEAO region and top spot in the upper middle-income group. Belgium (23rd) re-enters the top 25, climbing three ranks.
  • All eight Nordic and Baltic economies improved their ranking this year, except for Iceland, which stays at 20th spot. Estonia gains two ranks and edges the top 15, at 16th place. Norway (19th) reenters the top 20.
  • Lithuania (34th) and Latvia (37th) make the largest improvements, gaining five and four ranks respectively, with Latvia re-entering the top 40.
  • Apart from China, there are only four other middle-income economies among the top 40 economies, namely, Malaysia (36th), Bulgaria (38th), Türkiye (39th) and India (40th).
  • The United Arab Emirates stabilizes at 32nd place, close to the top 30. Saudi Arabia (48th) and Qatar (50th) make it into the top 50.
  • Middle East economies Bahrain (67th), Oman (69th), Jordan (71st) and Egypt (86th) also experience notable improvements in their innovation ranking – Global Innovation Index 2023 51 with Bahrain and Oman entering the top 70, and Jordan just outside. In sum, these are some systematic and positive innovation rank developments in the Middle East.
  • Thailand (43rd) and Viet Nam (46th) consolidate their positions in the top 50, while the Philippines (56th) gets closer. Viet Nam and the Philippines continue marching forward, after a setback in 2022, gaining two and three ranks, respectively.
  • Indonesia (61st) moves rapidly toward the top 60, following a rise over recent years
  • South Africa (59th) enters the top 60. Rwanda (103rd and low-income group leader) continues moving ahead.
  • Senegal (93rd) and Nigeria (109th) take two of the biggest leaps forward. Excluding island economies, Senegal becomes the region’s third most innovative economy in 2023.
Source- Indian Express

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