Prime Minister Narendra Modi celebrates India’s rise to 39th position in the WIPO’s Global Innovation Index 2024.
New Delhi / Geneva, September 28, 2024 — Prime Minister Narendra Modi has praised India for reaching the 39th position among 133 global economies in the Global Innovation Index 2024, as announced by WIPO (World Intellectual Property Organization).
Mr. Modi described this accomplishment as a “remarkable feat,” highlighting the Government’s commitment to creating a thriving innovation ecosystem that can unlock opportunities for the nation’s youth.
The Prime Minister remarked, “A remarkable feat! Our Government is committed to ensuring a vibrant innovation ecosystem, which can transform the lives of the youth.”
Switzerland, Sweden, the United States, Singapore, and the United Kingdom are the most innovative economies in the world. According to WIPO’s Global Innovation Index (GII) 2024, China, Turkey, India, Vietnam, and the Philippines have experienced the fastest growth in the past ten years.
The Global Innovation Index (GII) is now in its 17th edition. It serves as the world’s benchmark resource for tracking global innovation trends. It guides policymakers, business leaders, and others on harnessing human ingenuity to improve lives and tackle common challenges, such as climate change. This year, the GII also focuses on “social entrepreneurship,” which involves using private-sector practices to drive positive social change.
“In 2023, we observed a decrease in R&D expenditures, a drop in scientific publications, and a reduction of venture capital investments to pre-pandemic levels,” stated WIPO Director General Daren Tang. “Nevertheless, technological advancement remained robust in 2023, particularly in health-related areas such as genome sequencing and computing power and electric batteries. Furthermore, technology adoption intensified, particularly in 5G, robotics, and electric vehicles. This year’s GII also highlights positive trends in key indicators, including a decrease in global poverty and increases in labor productivity and life expectancy.”
In the Global Innovation Index (GII) ranking of over 130 economies, China has achieved the 11th position and is the sole middle-income economy within the GII’s top 30.
A total of 19 economies have demonstrated superior innovation performance relative to their respective levels of development. India, the Republic of Moldova, and Viet Nam have consistently exhibited overperforming innovation for 14 consecutive years.
“At WIPO, there is a noticeable increase in global interest in innovation. A growing number of nations are realizing the significance of unlocking the innovation potential within their populations for economic advancement and resolving local and global challenges. Policymakers face the challenge of establishing a dynamic innovation ecosystem that facilitates the transformation of exceptional ideas into tangible outcomes,” remarked WIPO Director General Daren Tang.
The World Intellectual Property Organization (WIPO) is the United Nations agency that serves innovators and creators worldwide.
Sources: WIPO; Prime Minister’s Office, New Delhi
— The CitiTimes Editor is a WIPO Academy Certificate Holder.
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