India rises in global innovation index with a jump of 5 points!

Global Innovation Index 2019

Indians are known for Jugaad, the literal translation of the word is frugal innovation. No matter what, we have this innate ability to find a Jugaad to almost every problem, every challenge that comes our way.

The latest GII rankings released by Commerce and Industry Minister Piyush Goyal re-affirm our love for innovation. The rankings put India on the 52nd slot which is 5-points up from the last year's 57th rank.

In the words of Mr. Goyal, “I'm happy that we have reached the 52nd rank, a couple of ranks lower than what we were aiming for. But we will continue our efforts to reach upwards of top-50 ranks in the GII that PM Narendra Modi set a goal of, and we want to assure that India is poised to focus on research and development."

He also noted that “The launch of the event in India is a significant event and a recognition of the Government of India’s commitment to innovation in recent years.” He also said that “GII is a useful tool for governments to map out their strategies to foster innovation, and we appreciate the World Intellectual Property Organization for its efforts in this direction.”

It is to be noted that these rankings are published every year  by Cornell University, INSEAD and the UN World Intellectual Property Organisation (WIPO) and GII Knowledge Partners. While preparing this report, GII analysed 129 economies and judged them on 80 different indicators, including education spending, scientific & technical publications, mobile app creations, and intellectual property filing rates.

This year too, Switzerland held on to the top position as the most innovative economy in the world. Other economies which featured in the top slots in the ranking report were Sweden, the US, the UK, Finland, the Netherlands, Denmark, Israel, Singapore, and Germany.