Source: Live Mint
Context: India has ascended 42 positions in the Global Innovation Index (GII) since 2015 and now ranks 39th out of 133 economies evaluated.
2024 Report Highlights:
- Published by: World Intellectual Property Organisation.
- India’s rank: 39th out of 133 economies in the GII 2024, improving from 40th in 2023.
- Key indicators:
- ICT services exports: India ranks 1st globally.
- Venture capital received: India’s start-up ecosystem secures a strong position.
- Unicorn companies: India ranks 8th globally.
Positives:
- Start-up growth: India’s dynamic start-up ecosystem continues to fuel innovation.
- ICT services leadership: India leads the world in technology-driven services.
- Venture capital: Strong investments are fostering innovation and growth.
Challenges:
- Low R&D spending: India needs to increase research and development (R&D) investments.
- Manufacturing innovation: The manufacturing sector still faces innovation challenges.
- Infrastructure: Gaps in innovation infrastructure remain a hurdle to growth.
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