Indians around the world are known for their innovations and creativity, the rank of India in the list of Global Innovation Index has gone down further to 81 in comparison to its last year’s ranking. Switzerland, the UK, Sweden, the Netherlands and the US are the top 5 position of this list. This study on Global Innovation Index was published collectively by Cornell University, INSEAD France and World Intellectual Property Organization (WIPO).
The index enlisted 141 economies around the globe taking into account their innovation capacity and efficiency. The study shows that the nation has outpaced other countries in the Central and Southern Asian Region (CSA). China, Brazil and India, the leading nations in the lower middle income categories are competing close against developed world on innovation quality.
India has witnessed a consistent downfall in ease of doing business, decision-making on policies have been slow and the political environment has not been consistent. India has been falling positions in the overall rankings since the last 4 years. India’s was holding the ranking of 76 last year. However, the nation has bagged a place amongst the leading 10 outperformers.
“This change in ranking can be primarily attributed to two major factors. The first concerns the changing dynamics of the country’s political, educational and business environment, and the second concerns the structural change GII has undergone to improve itself as an assessment tool over the years,” the GII report pointed out.
According to this study, India has been performing well in innovation quality, knowledge diffusion, general infrastructure, research & development and investment. However, the nation has witnessed a poor performance in institutions and infrastructure, business sophistication, human capital and research, creative outputs and market sophistication.
“We believe that with the present growth trend the future ranking for India is going to improve as the data get revised and as the government continues to perform towards a development oriented growth path,” said CII Director General Chandrajit Banerjee. As per the report, the data collected is the perception of the local citizens owning to inactivity of the government for the given period.
This inactivity is due to slowing economy, high inflation and the widespread corruption.