Page 23 - Policy Economic Report - September 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

10. India climbs 42 spots in Global Innovation Index over 9 years, ranks 39th

India has ascended 42 positions in the Global Innovation Index (GII) since 2015 and now ranks 39th
out of 133 economies evaluated. The latest GII report showed India's remarkable progress in fostering
an innovative ecosystem.

This achievement underscores India's growing influence in the global innovation landscape,
particularly among developing nations. The GII is the world's benchmark resource charting global
innovation trends to guide policymakers, business leaders and others in unleashing human ingenuity
to improve lives and address shared challenges, such as climate change.

India secured the top position among lower middle-income countries, ranking ahead of Vietnam and
the Philippines, with a score of 38.3. China, India, Indonesia, the Islamic Republic of Iran (64th), the
Philippines, Türkiye, Vietnam, and Morocco are the middle-income economies within the GII top 70
that have climbed the most in the GII ranking since 2013.

India's strengths lie in key indicators such as Information and communication technology (ICT) services
exports, venture capital received and intangible asset intensity. India's unicorn companies also secure
the country the 8th rank globally.

Samsung Electronics in Bengaluru and Indian Institute of Science (IISC)-Bangalore figured in the top
100 science and technology clusters (S&T clusters) in the index. S&T clusters in Delhi, Chennai and
Mumbai have also made it to the top 100 list.

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