India Advances to 39th Spot in Global Innovation Index 2024
India has advanced to the 39th spot in the Global Innovation Index (GII) 2024, moving up one place from last year’s 40th rank among 133 global economies, according to the World Intellectual Property Organization (WIPO). Union Commerce and Industry Minister Piyush Goyal announced this milestone on the social media platform X, attributing India's progress to its dynamic startup ecosystem, robust knowledge base, and the collaborative efforts of public and private research institutions.
The GII, a yearly assessment, is a key tool for governments to evaluate innovation as a driver of social and economic growth, recognized globally for its insights into innovation trends. While Switzerland, Sweden, the U.S., Singapore, and the U.K. continue to top the list, countries like India, China, Turkiye, Vietnam, and the Philippines have shown the most significant improvements over the last decade.
India continues to be the best performer in the lower middle-income group and has surpassed expectations on innovation indicators for the 14th consecutive year. The country excels in ICT services exports, ranking first globally, and demonstrates strong performance in venture capital inflow and intangible assets. India's thriving unicorn ecosystem has also secured its position as the 8th largest globally.
Regionally, India leads Central and Southern Asia, with Iran (64th), Kazakhstan (78th), and Uzbekistan (83rd) following. China remains the leader among middle-income nations, ranking 11th overall. The GII’s insights are aimed at helping policymakers and business leaders leverage innovation to tackle global challenges like climate change.
