India is the world's top exporter of information and communication technology as per a United Nations agency report. India has jumped 14 places from the 85th rank last year to 61st in the latest Global Innovation Index released in Geneva by the World Intellectual Property Organisation, along with the Confederation of Indian Industry.
WIPO, a specialised agency of the UN worked along with Cornell University and INSEAD, international business school, to make the ninth edition of the index. India ranked 8th in the world for producing graduates in science and engineering and showed the most significant improvements in human capital and research moving up 40 places to 63. The report said that its culture of "frugality and sustainability" can help it capture global markets. "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.
CII Director General Chandrajit Banerjee said, "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." The report recommended that the industry double its research and development investment and the government provide R&D grants to industry. WIPO Director-General Francis Gurry said, "Investing in innovation is critical to raising long-term economic growth. In this current economic climate, uncovering new sources of growth and leveraging the opportunities raised by global innovation are priorities for all stake holders."
Among innovators in India, measured by the number of patents registered in the last five years, Infosys came first with 281, followed by TCS with 244, Ranbaxy with 196, and others. During this period, about 2,000 patents received by GE had Indian inventors, the report said. IBM came next with Indians involved in nearly 1,900 patents. Overall, Switzerland ranked first globally as the most innovative economy on the index. It was followed by Sweden, Britain, the United States, Finland and Singapore. China for the first time muscled its way into the ranks of the top 25, just landing the spot.
