India on 66th spot in most innovative economies, up 15 places

From Yoshita Singh United Nations, Aug 17 (PTI) India has been ranked 66th ina list of most innovative economies, jumping 15 places fromlast year, according to a new UN report which calls for moretransparent policies if the country aspires to become a globaldriver of innovation. In the report by the UN World Intellectual PropertyOrganisation (WIPO), India moved up 15 spots from 81st lastyear to 66th this year in the overall global rankings. The Global Innovation Index 2016, released by the WIPO,Cornell University, and the multi-nation business graduateschool INSEAD, said India ranks among the top 50 economiesoverall in two pillars: Market sophistication, 33, andKnowledge and technology out-puts, 43. The country maintains stable or improved rankings acrossall pillars, with the most significant improvements in Humancapital and research, up 40 spots and Busines sophistication,up 59 spots. Within Human capital and research, India data coverageincreased, specifically in graduates in sciences andengineering, ranked eighth overall this year while this was amissing value last year, affecting the jump in its ranking. India’s ranking in the Business sophistication pillar isaffected most by a substantial improvement in Knowledgeworkers, up 46 spots and Knowledge absorption, up 33 spots. India also improves in the ranking of firms offeringformal training by 56 spots to reach 42nd place. "Furthermore, India improves across all indicators withinthe Knowledge absorption sub-pillar and it turns in a solidperformance in the GII (Global Innovation Index) model’s newlyincorporated research talent in business enterprise, where itranks 31st," the report said. However, India shows weakness in two sub-pillars ofbusiness environment, 117th, and education, 118th and withinthis has potential to improve in the the ease of starting abusiness and pupil-teacher ratio. "India has all the ingredients needed to become a globaldriver of innovation: A strong market potential, an excellenttalent pool and an underlying culture of frugal innovation.Innovative countries have demonstrated the leverage of theircultural advantage to capture markets," the report said. Similarly, India can build on its cultural bias offrugality and sustainability to capture markets not onlywithin its shores but globally. "For this to happen India’s industries need to have thehunger to be at the top of the value chain, its customers haveto be more demanding, its policies have to be moretransparent, and its talent pool has to get more hands-onexperience while simultaneously growing to leverage the globaltalent pool," the report said. PTI YAS CPS AKJCPS