The World Intellectual Property Organization (WIPO) on Thursday released the Global Innovation Index (GII) 2022 in which Switzerland has emerged as the world’s most innovative economy for the 12th consecutive year.
“Switzerland remains the world’s leader in innovation for the 12th consecutive year. It leads globally in innovation outputs, and specifically in patents by origin, software spending, high-tech manufacturing and production and export complexity,” the Global Innovation Index 2022 read.
The second position was secured by the United States (US) followed by Sweden, the United Kingdom (UK) and the Netherlands.
The rankings were based on the areas of human and capital research, business sophistication, infrastructure and technology outputs among others.
Here is the list of the top 10 most innovative economies for this year:
|Country||Overall GII||Institutions||Human & Capital research||Infrastructure||Market sophistication||Business sophistication||Knowledge & Technology outputs||Creative outputs|
|Republic of Korea||6||31||1||13||21||9||10||4|
India secured the 40th position in the Global Innovation Index. This is the first time the country entered the top 40. Last year, India was at the 46th position.
The index shows that emerging economies including, India and Turkey, are showing consistently strong performance.
“With their rise in terms of innovation performance in the shadow of shocks to global supply chains, Türkiye and India are positively enriching the global innovation landscape, while Indonesia shows promising innovation potential, ” said Soumitra Dutta, GII co-editor and Dean of the Saïd Business School at Oxford University.
The index further said that India is the innovation leader in the lower middle-income group, and continues to lead the world “in ICT services exports and holds top rankings in other indicators, including venture capital receipt value, finance for startups and scaleups, graduates in science and engineering, labour productivity growth and domestic industry diversification.”
With India’s progress in ranking, Union commerce and textiles minister Piyush Goyal tweeted the country is innovating like never before. “India climbs to the 40th rank in the Global Innovation Index of WIPO, a huge leap of 41 places in 7 years. The steady rise testifies that India under the leadership of Prime Minister Narendra Modi is rapidly emerging as the global innovation hub,” Goyal said.