Switzerland Leads Global Innovation Index 2023; India Maintains 40th Position

In the recently unveiled Global Innovation Index 2023 by the World Intellectual Property Organisation (WIPO), India has retained its 40th position, showcasing consistent growth in the innovation landscape over the past eight years.

India's Progress in Global Innovation Index:

India's remarkable ascent from the 81st spot in 2015 to the current 40th position is attributed to its substantial knowledge capital, a vibrant start-up ecosystem, and commendable work by both public and private research organizations, as highlighted by NITI Aayog.

Key Insights from Global Innovation Index 2023:

Switzerland Tops for the 13th Consecutive Year:

• Switzerland maintains its top position for the 13th consecutive year, underscoring its enduring commitment to innovation.

• Sweden secures the second spot, while the United States ranks third. The top five also include the United Kingdom (4th) and Singapore (5th), entering the elite group.

China's Rise and Other Notable Rankings:

• China, the sole middle-income economy within the top 30, now holds the impressive 12th position, while Japan closely follows at 13th.

• The Global Innovation Index incorporates a rich dataset of 80 indicators, extending beyond traditional measures to provide a comprehensive understanding of innovation trends.

India's Consistent Outperformance:

• India is listed among the 21 economies that have consistently outperformed in innovation relative to their level of development for the 13th consecutive year.

• Noteworthy performers in this category include the Republic of Moldova and Vietnam.

Electric Vehicle Market Growth:

• The report highlights the surge in the global market share of electric vehicle sales from 4% in 2012 to 14% in 2022.

• The report anticipates further growth, especially in markets like India, where over half of three-wheeler registrations in 2022 were electric.

Unicorn Companies and Valuations:

• As of April 2023, there were 1,206 unicorn companies across 50 countries globally. The top five hosting 80% of the world's unicorns are the United States, China, India, the United Kingdom, and Germany.

• Out of a total unicorn valuation of USD 3.8 trillion, the U.S. leads with USD 2 trillion, followed by China (USD 736 billion) and India (USD 193 billion).

India's Regional Leadership and Strengths:

• India maintains its leadership within the Central and Southern Asia region, holding the 40th position overall.

• Strong indicators include top-ranking positions in Human Capital and Research (48th), Business Sophistication (57th), and Knowledge and Technology Outputs (22nd).

Some relevant and latest facts about innovation in India:

• India has the third-largest startup ecosystem in the world, with over 100 unicorns.

• India's venture capital funding reached a record high of $42 billion in 2022.

• India is home to some of the world's leading technology companies, such as Infosys, TCS, and Wipro.

• India is also a major player in the global AI market, with companies like Google, Microsoft, and IBM setting up AI research centers in India.

• India is investing heavily in research and development, with the government spending over $20 billion on R&D in 2022-23.

• India is also investing in education and skills development, with the government launching a number of programs to train students in STEM fields.

Some specific examples of recent innovations in India:

• In 2023, Indian scientists developed a new type of solar cell that is more efficient and cheaper to produce than existing solar cells.

• In 2022, Indian researchers developed a new type of battery that is more energy-dense and has a longer lifespan than existing batteries.

• In 2021, Indian startups developed a number of innovative solutions to help fight the COVID-19 pandemic, such as low-cost ventilators and diagnostic tests.

These are just a few examples of the many ways in which India is innovating. India is a country with a rich history of innovation, and it is well-positioned to continue to innovate in the future.