The Top 10 most innovative global economies in 2024: Where does India rank?

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Posted by NewAdmin on 2025-01-16 12:33:01 |

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Global Innovation Index 2024: India’s Remarkable Rise in Rankings

India has made significant progress in the Global Innovation Index (GII), climbing from the 81st position in 2015 to 39th in 2024.

Global Innovation Trends in 2024:
While global R&D growth experienced notable booms in 2020 and 2022, it has slowed to 3% in 2024. Venture capital investments have dropped by 39%, and international patent filings have also seen a decline, according to the World Intellectual Property Organization (WIPO), which recently released the GII 2024 report.

The slowdown can be attributed to macroeconomic factors such as sluggish economic growth, reduced innovation funding, and declining productivity. In response, economies are enhancing their innovation ecosystems by adopting forward-thinking policies and strategies to address critical economic and societal challenges.

Switzerland has once again claimed the top spot in the Global Innovation Index, retaining its position as the global leader in innovation for the 14th consecutive year. It ranks first in knowledge and technology outputs as well as creative outputs and consistently places among the top five across most GII pillars. The only exception is infrastructure, where it ranks 7th globally.

Meanwhile, middle-income economies like China have showcased steady improvement in innovation over the last decade. Advancements in education, policy, and infrastructure have propelled China to the 11th position, bringing it closer to breaking into the top 10.

Countries such as Turkey, Malaysia, the Philippines, and Vietnam have also made notable progress. India, too, has advanced one position, maintaining its leadership in the lower-middle-income group in Southeast Asia.

Top 10 Most Innovative Economies of 2024:
Based on WIPO’s evaluation of 133 economies, which also emphasizes the role of social entrepreneurship in driving innovation, the top 10 global innovation leaders have emerged as powerhouses in the 2024 rankings.

India’s Position in the Global Innovation Index 2024
India has steadily risen to the 39th position in the GII rankings, marking a significant leap since 2015. In the 2024 GII report, India leads the lower-middle-income group and holds the top position in the Central and Southern Asia region across key categories: Knowledge and technology outputs (ranked 22nd)

Creative outputs (ranked 43rd)

Institutions (ranked 54th)

Business sophistication (ranked 54th)

India’s strengths include:

ICT services exports (ranked 1st globally)

Venture capital received (ranked 6th)

Intangible asset intensity (ranked 7th)

Unicorn companies (ranked 8th)

This progress reflects India’s commitment to fostering a strong innovation ecosystem, supported by effective policies, increased R&D investment, and a collaborative environment for startups and industries.

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