India Rises to 39th Rank in Global Innovation Index 2024

India has climbed one spot to secure the 39th rank out of 133 economies in the Global Innovation Index (GII) 2024, as per a report by the Geneva-based World Intellectual Property Organization. Last year, the nation was ranked 40th.

Commerce and Industry Minister Piyush Goyal highlighted the achievement on social media platform 'X', stating, "India rises to 39th position among 133 global economies in the Global Innovation Index 2024." He added that India's innovation ecosystem continues to thrive, driven by the efforts of innovators and entrepreneurs.

India rises to 39th position among 133 global economies in the Global Innovation Index 2024! 🇮🇳

Guided by PM @NarendraModi ji's decisive leadership, India achieves these remarkable milestones:

👉 1st among 10 economies in Central & Southern Asia
👉 1st among… pic.twitter.com/FbyE8JHJix

— Piyush Goyal (@PiyushGoyal) September 26, 2024

The consistent rise in India's GII ranking is attributed to its knowledge capital, a dynamic start-up ecosystem, and the remarkable contributions of both public and private research organizations. The GII serves as a vital tool for governments worldwide to evaluate innovation-driven social and economic transformations within their nations.

Globally, Switzerland, Sweden, the United States, Singapore, and the United Kingdom are recognized as the most innovative economies. Meanwhile, China, Turkiye, India, Viet Nam, and the Philippines have been identified as the fastest climbers over the past decade, according to WIPO's GII 2024 report.

The GII is a benchmark resource that tracks global innovation trends, guiding policymakers, business leaders, and others in harnessing human ingenuity to address shared challenges, including climate change.

In the GII's ranking of over 130 economies, China reached the 11th position and remains the only middle-income country in the top 30.

"In Central and Southern Asia, India (39th) continues to lead, moving one spot forward. The Islamic Republic of Iran (64th, down by two places) comes second, followed by Kazakhstan (78th). Uzbekistan (83rd) retains its 4th position within the region," the report noted. It further stated that India leads the lower middle-income group and has overperformed in innovation for the 14th consecutive year.

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