India ranked 66th among 142 countries in the Global Innovation Index 2013, and first in the Central and South Asia region in the innovation efficiency ratio (which reflects the innovation output per unit of input in the economy).
The report, published by Cornell University, INSEAD, World Intellectual Property Organisation and the Confederation of Indian Industry, studied the emergence of local innovation eco-systems.
Overall, India’s performance was mixed. While the country was strong in gross capital formation (as a percentage of GDP) at rank 9, investment in new business (20), industrial cluster development (29), it ranked poor in áreas such as political stability (123), ease of starting business (128), school life expectancy (109), pupil-teacher ratio (108) etc.
In the global rankings, Switzerland and Sweden topped in innovation, followed by the United Kingdom, the Netherlands and the United States. Among regions, innovation was seen improving the most in Latin America.
“The results of the GII (Global Innovation Index) provide testimony to the global nature of innovation today. The top 25 ranked countries on the GII are a mix of nations from across the world-- North America, Europe, Asia, Oceania and the Middle East. While high-income economies dominate the list, several new players have increased their innovation divide exists.” said Soumitra Dutta, co-editor of the report.
The index looked at 142 economies around the world, using 84 indicators such as the quality of top universities, availability of microfinance, venture capital deals. Published annually since 2007, the index has become a benchmarking tool for business executives, policy makers and others, the release added.