Switzerland is ranked first in the Global Innovation Index 2023. Check India’s position 

Switzerland is ranked first in the Global Innovation Index 2023. Check India’s position

Global Innovation Index 2023: India was ranked 81st in 2015 and has steadily improved over the years.

India has retained its 40th position in the World Intellectual Property Organization’s (WIPO) latest Global Innovation Index 2023. The index tracks the performance of 132 global economies’ innovation ecosystems as well as the most recent global innovation trends. India was ranked 81st in 2015 and has steadily improved over the last 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 organisations” , NITI Aayog said in a statement issued on Thursday. Here are ten facts about the Global Innovation Index 2023 report. 1. Switzerland leads the index for the 13th consecutive year. Sweden is now second, followed by the United States on third, the United Kingdom on fourth, and Singapore (5th), which has entered the top five.

2. China, the only middle-income economy among the top 30, is now ranked 12th, while Japan is ranked 13th, according to the report.

3. The Global Innovation Index is built on a rich dataset – a collection of 80 indicators from international public and private sources – that goes beyond traditional measures of innovation, as the definition of innovation has broadened, according to a statement from the World Intellectual Property Organization.

4. According to the GII, India is one of the 21 economies that outperformed for the 13th year in a row in terms of innovation relative to level of development. Other countries that accomplished the feat included the Republic of Moldova and Vietnam.

5. According to the report, the global market share of electric vehicle sales increased from 4% in 2012 to 14% in 2022. “Cars are just the first wave: electric buses and trucks will follow soon, while electric three-wheelers are already booming in major markets such as India, where over half of its three-wheeler registrations in 2022 were electric” , said the report.

6. According to the GII report, India, Iran, the Philippines, Turkey, Vietnam, and Indonesia are among the economies in the GII top 65 that have risen the fastest in the ranking over the last decade.

7. According to CBInsights’ Tracker of Unicorn Companies, there were 1,206 unicorn companies in 50 different countries as of April 2023.

Only five economies account for 80% of all unicorns on the planet, namely the United States (54%), China (14%), India (6%), the United Kingdom (4%), and Germany (2%). 8. US unicorns account for USD 2 trillion – a huge lead – out of a total unicorn valuation of USD 3.8 trillion in 2023, followed by China at USD 736 billion and India at USD 193 billion.9. According to the report, India continues to lead in Central and Southern Asia and is ranked 40th overall. Except for infrastructure, India leads the lower middle-income group in every innovation pillar. 10. In the Central and Southern Asia region, India ranks first in human capital and research (48th), business sophistication (57th), and knowledge and technology outputs (22nd). ICT services exports rank fifth, venture capital received ranks sixth, science and engineering graduates rank eleventh, and global corporate R&D investors rank thirteenth.

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