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The Times of India, Aug 17, 2016
India has been ranked 66th in a list of most innovative economies, jumping 15 places from last year, according to a new UN report which calls for more transparent policies if the country aspires to become a global driver of innovation.
In the report by the UN World Intellectual Property Organisation (WIPO), India moved up 15 spots from 81st last year to 66th this year in the overall global rankings.
The Global Innovation Index 2016, released by the WIPO, Cornell University, and the multi-nation business graduate school INSEAD, said India ranks among the top 50 economies overall in two pillars: Market sophistication, 33, and Knowledge and technology out-puts, 43.
The country maintains stable or improved rankings across all pillars, with the most significant improvements in Human capital and research, up 40 spots and Busines sophistication, up 59 spots. Within Human capital and research, India data coverage increased, specifically in graduates in sciences and engineering, ranked eighth overall in 2016 while this was a missing value last year, affecting the jump in its ranking. India's ranking in the Business sophistication pillar is affected most by a substantial improvement in Knowledge workers, up 46 spots and Knowledge absorption, up 33 spots.
India also improves in the ranking of firms offering formal training by 56 spots to reach 42nd place. "Furthermore, India improves across all indicators within the Knowledge absorption sub-pillar and it turns in a solid performance in the GII (Global Innovation Index) model's newly incorporated research talent in business enterprise, where it ranks 31st," the report said.
However, India shows weakness in two sub-pillars of business environment, 117th, and education, 118th and within this has potential to improve in the the ease of starting a business and pupil-teacher ratio. "India has all the ingredients needed to become a global driver of innovation: A strong market potential, an excellent talent pool and an underlying culture of frugal innovation. Innovative countries have demonstrated the leverage of their cultural advantage to capture markets," the report said.
Similarly, India can build on its cultural bias of frugality and sustainability to capture markets not only within its shores but globally. "For this to happen India's industries need to have the hunger to be at the top of the value chain, its customers have to be more demanding, its policies have to be more transparent, and its talent pool has to get more hands-on experience while simultaneously growing to leverage the global talent pool," the report said. Stay updated on the go with Times of India News App. Click here to download it for your device.
2018: India climbs 3 spots to 57th
China Up 5 Slots, Now At 17th Position
India has consistently been climbing up the Global Innovation Index (GII) since 2015, but the country still has to improve on many indicators to catch up with China and others leading the table in the list of 126 nations.
The 2018 rankings put India at 57th position and China at 17th as compared to their last year’s rankings of 60th and 22nd, respectively, providing an insight into their growing innovation capabilities and results.
The rankings are published by the World Intellectual Property Organisation — a specialised agency of the United Nations — in association with Cornell University and graduate business school INSEAD. The Confederation of Indian Industry (CII) is one of the knowledge partners which assists the GII team in brining out the rankings.
India has maintained its perch at the top in the central and south Asia region, consistently moving up from 81st rank in 2015 to 57th this year.
“Given its size and innovation development, India has the potential to make a true difference to the global innovation landscape in the years to come. The Indian government and CII are working closely with the GII team to further improve the Indian performance,” said CII director general Chandrajit Banerjee.
The GII report shows India has been improving its ranking on the basis of certain parameters which are flagged as the country’s strengths. It includes India’s human capital (graduates in science & engineering), growth rate of GDP per worker, exports of information and communication technology and services, productivity growth and creative goods exports among others.
However, the country fared badly on other indicators including political stability and safety, ease of starting business, overall education and environmental performance.