Marking a major advancement amid the pandemic, India has moved up four places to rank 48th in the Global Innovation Index (GII) 2020 released on Wednesday (2 September).
Compiled by the World Intellectual Property Organisation (WIPO), Cornell University and INSEAD business school, the index assessed 131 economies.
Switzerland, Sweden, the US, the UK and the Netherlands lead the innovation ranking.
South Korea joined the top 10 for the first time while Singapore is at number 8.
The top 10 is dominated by high-income countries.
While the innovation index shows year-on-year stability at the top, there is a gradual eastward shift in the locus of innovation as a group of Asian economies -- notably China, India, the Philippines and Vietnam -- have advanced considerably in the innovation ranking over the years.
India retained the highest rank in the Central and Southern Asian region, followed by Iran, said the report.
Moving up four positions since last year, India became the third most innovative lower middle-income economy in the world.
It ranks in the top 15 in indicators such as ICT services exports, government online services, graduates in science and engineering, and R&D-intensive global companies, said the report.
Thanks to universities such as the Indian Institute of Technology in Bombay and Delhi and the Indian Institute of Science in Bengaluru, and its top scientific publications, India is the lower middle-income economy with the highest innovation quality, added the report.
"As shown by China, India and Vietnam, the persistent pursuit of innovation pays off over time," said Former Dean and Professor of Management at Cornell University Soumitra Dutta. "The GII has been used by governments of those countries and others around the world to improve their innovation performance," added Dutta.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.