India has jumped 15 spots to become the second most middle income economy in the world, according Global Innovation Index (GII) report 2016. Commerce and Industry minister Nirmala Sitharaman released the report at an event in Delhi today. World Intellectual Property Organisation chief Francis Gurry was also present at the event hosted by NITI Aayog, Department of Industrial Policy and Promotion and the Confederation of Indian Industry (CII).
Speaking on the occasion, Sitharaman said she would soon constitute a high-level team to explore the ways to reposition India in the context of the GII and to evolve a strategy for improved performance in the coming years.
GII ranks countries on the basis of their capacity for, and success in, innovation. It aims to capture the multi-dimensional facets of innovation and provide the tools that can assist in tailoring policies to promote long-term output growth, improved productivity, and job growth.
GII 2016, in its 9th edition this year, is co-published by Cornell University, INSEAD, and WIPO (an agency of United Nations). As per the 2016 edition of GII, Switzerland continues to be on top followed by Sweden, UK, US and Finland in the top five, while India is at the 66th position (15 positions up from last year’s 81st rank).
Speaking on the occasion, NITI Aayog CEO Amitabh Kant said that India is becoming a centre of innovation and the country’s GII ranking would improve “dramatically” in the coming years. WIPO chief Gurry congratulated India on the “significant improvement” in its GII ranking, noting that India’s “rich and deep cultural heritage” deserves to be “nurtured and nourished.”