India Reaches in Club of Top 40 Innovative Economies of World in 2022

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India improved its ranking to 40(2022) from 46(2021) in WIPO’s 2022 Global Innovation Index (GII) whereas China reached on the threshold of the top 10 as it also increased its ranking from 12 to 11 in year 2022

Chandigarh (ABC Live): Switzerland, the United States, Sweden, the United Kingdom and the Netherlands are the world’s most-innovative economies, according to WIPO’s 2022 Global Innovation Index (GII).

India improved its ranking to 40(2022) from 46(2021) in WIPO’s 2022 Global Innovation Index (GII) whereas China reached on the threshold of the top 10 as it also  increased its ranking from 12 to 11 in year 2022 

Reports concluded as under;

India produces more innovation outputs relative to its level of innovation investments

India ranks 1st among the 36 lower-middle-income group economies.

India ranks 1st among the 10 economies in Central and Southern Asia

Canada is back among the top 15 global innovators (15th). Türkiye (37th) and India (40th) enter the top 40 for the first time. Beyond these, Viet Nam (48), the Islamic Republic of Iran (53rd) and the Philippines (59th) are the middle-income economies with the fastest innovation performance growth to-date.

In its annual ranking of the world’s economies on innovation capacity and output, the GII shows some key changes in the top 15 of the ranking, with the United States climbing to the 2nd position, the Netherlands reaching the 5th position, Singapore reaching 7th, Germany reaching 8th and China up one place to 11th and on the doorstep of the top 10.

The report shows that research and development (R&D) and other investments that drive worldwide innovative activity continued to boom in 2021 despite the COVID-19 pandemic, but challenges are emerging in translating innovation investments into impact.

The GII finds that productivity growth , GII 2022 special theme - normally spurred by increased innovation - has in fact stagnated. It also finds that current technological progress and adoption show signs of slowing growth despite the recent flourishing of R&D expenditure and venture capital investments. However, with more careful and attentive nurturing of innovation ecosystems, a new era of innovation-driven growth led by Digital Age and Deep Science innovation waves could take off.

This year’s GII finds that innovation is at a crossroads as we emerge from the pandemic. While innovation investments surged in 2020 and 2021, the outlook for 2022 is clouded not just by global uncertainties but continued underperformance in innovation-driven productivity. This is why we need to pay more attention to not just investing in innovation, but how it translates into economic and social impact. Quality and value will become as critical to success as quantity and scale.

Among the GII’s key findings:

The top global corporate R&D spenders increased their R&D expenditure by almost 10 percent to over USD 900 billion in 2021, higher than in 2019 before the pandemic. This increase was primarily driven by four industries: ICT hardware and electrical equipment; Software and ICT services; pharmaceuticals and biotechnology; and construction and industrial metals.

Investments in global R&D in 2020 grew at a rate of 3.3 percent, but slowed from the historically high 6.1 percent R&D growth rate recorded in 2019. Government budget allocations for the top R&D spending economies showed strong growth in 2020. For 2021 government R&D budgets, the picture was more varied, with spending growing in the Republic of Korea and Germany, but falling in the US and Japan.

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