India's jump to the 40th rank in the Global Innovation Index 2022 is a testament to the Prime Minister's commitment to making India an innovation hub, NITI Aayog Vice Chairman Suman Bery said on Friday.
Addressing an event organised by the Aayog, Bery further said the industry needs to ensure that its contribution to the R&D goes up substantially in the coming year.
Also, speaking at the event, Geneva-based World Intellectual Property Organization (WIPO) Director General said India leads the world in ICT services exports and hosts top ranking in key indicators.
In 2021, Indian companies have almost 40 billion US Dollar in-venture capital investment, which is more than 200 per cent increase over the prior year, he added. India climbed six notches to 40th position in the Global Innovation Index 2022 on account of improvement in several parameters, according to a report by WIPO.
Switzerland, the United States, Sweden, the United Kingdom and the Netherlands are the world's most-innovative economies, according to WIPO's 2022 Global Innovation Index (GII), with China on the threshold of the top 10.
Other emerging economies are also showing consistently strong performance, including India and Türkiye, both of which enter the top 40 for the first time, it had said.
The 2022 edition of the GII tracks the most recent global innovation trends against the background of an ongoing COVID-19 pandemic, slowing productivity growth and other evolving challenges.
WIPO had said a large number of countries use the GII to assess and improve their innovation ecosystems and use the index as a reference in economic plans and/or policies.