India Is Now On Top 50 Slot On The List For Global Innovation
Among the 131 economies, at this moment India is ranked on the 48th spot on the Global Innovation Index (GII) 2020 by breaking into the top 50 countries for the first time in history. From last year, it has moved up four positions, and the three clusters Mumbai, Delhi, and Bangalore also feature the top 100 hotspots in science and technology and it has further endorsed the presence of India in the global innovation economy.
The innovation ranking is led by some of the high-income countries like the UK, USA, Sweden, Switzerland, and Netherlands with South Korea -a second Asian economy has joined the top 10 for the first time. Singapore is ranked very high in the eighth position.
The GII provided by the World Intellectual Property Organization (WIPO) ranks all the global economies according to the innovation capabilities they have got that includes 80 indicators roughly that have been grouped into innovation outputs and inputs. India has made the most significant progress along with three other economies like the Philippines, Vietnam, and China. The significant progress made by India in the ranking of the GII innovation over time, it has said.
Due to the Covid-19 pandemic, there has been severe pressure in a long-building rise in global innovation worldwide. Some innovative ideas are likely to be hindered while elsewhere it has catalyzed ingenuity and notably it has happened in the health sector according to reports by GII.
It is said by the director-general of WIPO Francis Gurry that even as everyone is grappled by the immediate economic and human effects of the Covid-19 pandemic it is needed to be ensured by the government that future-oriented rescue packages are created and individuals are supported along with companies, research institutes, and others with collaborative and innovative new ideas for the post era of COVID as innovations equal solutions. The statement by WIPO said that India has consistently outperformed in innovation to its level of development for back to back 10 years as only three other countries have matched the records.
India has excelled in the innovation outcome that it produces and also things related to its investments and innovation efforts. In the global ICT (Information and Communication Technology) the role of India in its services industry is reflected in it as it has ranked first in the exports for the sector. It is also a stand out achievement for the growth of its rate of productivity as it ranks in the ninth spot globally.
Notably, India has also outperformed in a new indicator of GII that is the brand value as it has produced more valuable brands that are not predicted from the income level it has. In this indicator, it ranks 31st and hosts 164 of the top 5000 brands of the world that includes top brands like Infosys, LIC (insurance), and Tata Group. Among the top-performing countries in the GII are predominantly the high=income group with China (14th) as the only middle-income group country and Malaysia holds the 33rd position. There is a gradual shift of the locus of innovation to the east as the Asian economies have advanced considerably in the ranking for innovation over the years.
I am Darryl Broadhurst and i give investors an insight into the most recent news hitting the “Technology” sector in Wall Street. I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicizes valuable information for shareholder community.
