In a first, India makes it to top so of innovation index

India has moved four places on the Global Innovation Index (GII) 2020 to rank at 48 since 2019. This makes it the third most innovative lower middle-income economy in the world, according to the report. India at the 48th place also retains the highest rank in the central and southern Asia region.

The index, compiled by the World Intellectual Property Organization (WIPO), along with Cornell University and the INSEAD Business School, presents the latest global innovation trends and annual innovation ranking of 131 economies.

India increased the most in three pillars: Institutions (61, from 77 in 2019), business sophistication (55, from 65 in 2019), and creative outputs (64, from 78 in 2019), it noted.

Under institutions, the country’s rank on indicators, such as political and operational stability (from 91 to 83), government effectiveness (from 65 to 55), and ease of resolving insolvency (from 95 to 47), improved remarkably.

Under business sophistication, indicators such as expenditure financed by business was not available last year; this time India came in at 48.

India also bettered its rank in both intellectual property payments (27, from 29 in 2019) and research talent (38, from 46 in 2019).