The World Intellectual Property Organization’s Global Innovation Index 2021 report, has ranked India at 46th position, according to an official statement. Climbing two spots, India has been showcasing a gradual rise in Global Innovation Index for the last few years. In 2015, it was at 81st place in the rankings and has moved to 46th position in 2021.
With significant developments like rising knowledge capital, the dynamic start-up ecosystem the GII ranking has shown consistent improvement. The improvement in ranking is also owed to the work done by public and private research organisations.
The report said that a crucial role has been played by departments like the department of atomic energy; the department of science and technology; the department of biotechnology and the department of space to enrich the national innovation ecosystem. To examine the social and economic reforms in the countries, GII forms the pivotal tool for governments across the globe.
The GII has established itself as a policy tool for various governments and helped them to reflect upon the existing status quo.
(Follow Money9 for latest Personal finance stories and Market Updates)
The economy is recovering but GDP is expected to be only slightly larger than it was in pre-pandemic 2019-20.
The NIP will help augment India’s productive capacity, contribute to our overall growth and bring down the logistics costs, improving competitiveness
Diversification is key and should be followed for stable and steady returns in the long run.
There is a need to continuously facilitate trade and industry and provide thrust to the growth promising sectors of Indian economy.