India’s Innovation Performance
India’s GII performance highlights a positive trend in both innovation inputs and outputs. In 2024, the country ranks 44th for innovation inputs, an improvement from last year, and 33rd in innovation outputs, signaling that it is efficiently translating investments into tangible innovation outcomes. India also boasts four science and technology clusters in the top 100 globally, including Bengaluru, Delhi, Chennai, and Mumbai. These clusters excel in key areas such as digital communication, computer technology, and engineering.
Strengths and Weaknesses
The GII 2024 outlines India’s strengths and areas for improvement across seven key pillars. The country performs exceptionally well in Knowledge and Technology Outputs, ranking 22nd, and Market Sophistication, ranking 23rd, indicating strong capabilities in high-tech exports, venture capital activity, and market size. However, India faces challenges in Infrastructure, Business Sophistication, and Institutions, with rankings of 72nd, 58th, and 54th, respectively. These areas highlight opportunities for further development, particularly in expanding infrastructure and fostering innovation-friendly policies.
India’s top strengths in the GII 2024 include its leadership in venture capital received (ranked 6th), domestic market scale (ranked 1st), and ICT services exports (ranked 1st). These indicators reflect India’s growing digital economy and its appeal as a destination for startup funding and high-tech services. On the other hand, there are areas where India faces significant challenges, such as tertiary inbound mobility (ranked 110th) and the proportion of women employed with advanced degrees (ranked 105th).
Conclusion
The report states that India is not only advancing in the innovation space but also outperforming expectations relative to its economic development. The country has effectively positioned itself as a key player in transforming innovation investments into impactful results, maintaining its global competitiveness in knowledge-driven sectors.
India’s continued rise in the Global Innovation Index, driven by strong outputs and strategic investments in science and technology, reaffirms its position as a growing hub for global innovation. As the country works to address its challenges, its upward momentum signals a promising future in the global innovation ecosystem.
You may download the report relating to India here.
