India has become the third most innovative lower middle-income economy in the world.
India has joined the group of top 50 countries in the global innovation index for the first time, moving up four places to the 48th rank and keeping the top position among the nations in central and southern Asia.
According to the Global Innovation Index (GII) list, 2020 released jointly by the World Intellectual Property Organization (WIPO), Cornell University and INSEAD Business School on Wednesday, the rankings show stability at the top but a gradual "eastward shift in the locus of innovation" as Asian economies like China, India, the Philippines and Vietnam have advanced considerably in the innovation ranking over the years.
Switzerland, Sweden, the US, the UK and the Netherlands lead the innovation ranking, and the top 10 positions are dominated by high-income countries, WIPO said in a statement.
About India, the statement said it has become the third most innovative lower middle-income economy in the world, thanks to newly available indicators and improvements in various areas of the GII.
India ranks in the top 15 in indicators such as ICT (Information and Communication Technology) services exports, government online services, graduates in science and engineering, and R&D-intensive global companies.
"Thanks to universities such as the Indian Institute of Technology in Mumbai and Delhi and the Indian Institute of Science in Bengaluru, and its top scientific publications, India is the lower middle-income economy with the highest innovation quality," it said.
A total of 131 countries were analysed under the GII before arriving at the rankings.
The metrics include institutions, human capital and research, infrastructure, market sophistication and business sophistication, knowledge and technology outputs and creative outputs.