India ranks 2nd on Global Innovation Efficiency Index

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SME Times News Bureau | 04 Jul, 2012
India has jumped to the second position in the Global Innovation Efficiency Index in 2012, from 9th position last year, according to a study.

The Global Competitiveness Report 2011-2012 released Tuesday assessed the ability of the world countries to promote innovation and knowledge to push their economies to compete globally.

Countries which are strong in producing innovation outputs despite a weaker innovation environment and inputs are poised to rank high in
the efficiency index.

While China topped the list, interestingly, Switzerland and the Netherlands ranked 5th and 9th. Sri Lanka was at the 10th position, a report prepared by CII, Alcatel-Lucent and Booz &Co said.

However, it said that in Central and Southern Asia, India is the regional leader in Global Innovation Index.

It also said there is a need for the BRIC countries (Brazil, the Russia, India, and China) to invest further in their innovation capabilities to live up to their expected potential.

"...both China and India have weaknesses in their innovation infrastructure and environment," it said.

The report has also listed India and China in the group of "innovation learners".

"These middle and low income economies demonstrate rising levels of innovation achievement as a result of improvements in institutional frameworks, skilled labour force, better innovation infrastructures, deeper integration with global financial and other markets, and a sophisticated business community-even if progress in these dimensions is not uniform across all segments of the country," it added.

Further, the report said for the second year running, Switzerland, Sweden, and Singapore lead in the overall innovation performance (Global Innovation Index 2012).

The report ranks 141 countries/economies on the basis of their innovation capabilities and results.