India Is Marching Ahead In Global Innovation: Study

by CXOtoday News Desk    Aug 19, 2016

innovation

India has been ranked high in global innovation and is ranked as a top exporter of information and communication technology in a UN agency report. India leapt fourteen position to rank 61st according to the World Intellectual Property Organization (WIPO) and CII latest Global Innovation Index release in Geneva. The report suggested that the country is innovating in emerging areas where biology and materials sciences intersect with computing. 

India scored high on tertiary education and R&D, quality of its universities and scientific publications, its market sophistication and information and communication technology service exports, where it ranks first in the world, according to the index, which said that India has all the ingredients needed to become a global driver of innovation including strong market potential, an excellent talent pool, and an underlying culture of frugal innovation. India ranks second on innovation quality among middle-income economies, overtaking Brazil.

“Relative weaknesses exist in the indicators for business environment, education expenditures, new business creations and the creative goods and services production,” the report said.

“Digital has become a primary driver of strategy development and innovation for business in almost all sectors. I am convinced we are only at the beginning. Notably for established organizations, the challenge lies in finding ways to successfully innovate by using and transforming existing resources and business practices,” said Johan Aurik, managing partner and chairman of GII’s knowledge partner A.T. Kearney, in a press release.

“The commitment of India to innovation and improved innovation metrics is strong and growing, helping to improve the innovation environment.  This trend will help gradually lift India closer to other top-ranked innovation economies”, says Chandrajit Banerjee, Director General of Confederation of Indian Industry (CII).  

“For this to happen, however, India’s industries need to have the hunger to be at the top of the value chain, its customers have to be more demanding, its policies have to be more transparent, and its talent pool has to get more hands-on experience while simultaneously growing to leverage the global talent pool,” the report said. 

The report also noted that India’s priorities for innovation need to be in the areas of energy, water, transport, health care, food security and digital consumption, the index said that India should strengthen its own talent pool and leverage global talent “in these market-pull areas”.