Suryaa Business Desk: India has climbed to the 38th position in the Global Innovation Index (GII) rankings. This progress is attributed to the country's technological transformation, policy changes, the expansion of Digital Public Infrastructure (DPI), and the growth of the domestic startup ecosystem.
According to World Intellectual Property Organization (WIPO) reports, India has seen an increase in unicorn companies, a rise in patent filings, and consistent performance in international IT and science and technology service exports. Government initiatives such as Production Linked Incentive (PLI) schemes, the semiconductor mission, and renewable energy projects have contributed to the research and development sector.
Despite this growth, challenges remain for India to become an innovation superpower. Research and development expenditure currently remains below one percent of the Gross Domestic Product (GDP), and private sector investment in R&D has not reached expected levels. Additionally, there is a need for greater coordination between academic institutions and the industrial sector. Future progress toward the top 20 countries depends on improving educational standards, increasing private research funding, and focusing on deep tech and artificial intelligence research.
