India's ranking had dropped in 2018 but surged back last year. Urbanization, younger demographic trends, and an increase in venture capital in the last two years is further helping Indian innovation ecosystem grow.
India’s own Silicon Valley Bengaluru is now among the world’s top 10 cities to be the technology innovation hubs for the next four years, said a KPMG report on Wednesday. Bengaluru jumped nine ranks from 18 a year ago to break into the top 10 this year. Ranked ninth, Bengaluru joined Singapore, London, Tel Aviv, Tokyo, New York, Shanghai, Beijing, Seoul that were ranked as top eight cities in the report. Mumbai was the only other Indian city ranked 16th on the list of top 20 cities. Interestingly, in terms of the top countries showing “the most promise for developing globally impactful disruptive technologies,” according to the report, India was ranked second in a tie with China while the US continued to retain its top rank for the past many years.
“After a drop in the rankings last year (from third place in 2018 to sixth place in 2019), India surged back up to tie China for the second position. With the potential innovation headwinds China is now facing, and U.S. policies encouraging more tech professionals to return to or remain in India, the future bodes well for Indian innovation,” the report titled Technology Innovation Hubs said. Urbanization, younger demographic trends, and an increase in venture capital in the last two years is further helping Indian innovation ecosystem grow. The tally for the most promising technology hubs also ranked Japan, the UK, Israel, Taiwan, Germany, Singapore and Canada. Japan and the UK also had a tie for the fourth place while Taiwan, Germany and Singapore shared the common seventh spot.
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“With the country seeing tremendous evolution across various spheres, the coming years will be crucial to overcoming current hurdles which exist. Overcoming these hurdles, would be imperative for India to gradually and slowly move towards becoming one of the world’s leading economy in innovation,” said Satya Easwaran, Head – Markets Enablement & Technology, Media and Telecom, KPMG in India.