New Delhi: India is
the ninth most efficient country when it comes to innovation,
according to a study jointly conducted by the Confederation of
Indian Industry (CII) and global business school INSEAD.
The study, called Global Innovation Index (GII), ranks countries
on the basis of an enabling environment provided to industry and
institutions for coming out with innovative practices.
India is ranked ninth under one of its prominent sub-indices --
the innovation efficiency index, which highlights those countries
that achieve more from lesser conditions as well as those that lag
behind in fulfilling their innovation potential.
The study was released in Geneva.
As per the innovation efficiency index, India has improved its
rank drastically from 101 in 2010 to nine this year led by a
decline in input factors such as political stability, regulatory
environment, human capital, research and development,
infrastructure and an improvement in scientific and creative
output, said a statement issued by CII.
Cote d'lvoire tops this list.
The parent, Global Innovation Index, was created in 2007 and it
examines how countries leverage their enabling environments to
stimulate innovation results.
As per the GII, India's has ranked 62 in the overall innovation
Index this year compared to the last years position of 56.
Switzerland has topped this year's ranking, gaining three spots
from its position in last year's GII, while Sweden and Singapore
are in the 2nd and 3rd positions respectively.
"After the recent economic slowdown the focus has shifted clearly
towards the developing regions not only in terms of a booming
potential market but also in terms of being a hot spot for frugal
innovations," said Naushad Forbes, chairman of CII Innovation
Council 2011-12 and director of Forbes Marshall.
"Measuring this shift is important to know how we are doing. GII
is a starting point to do that and unquestionably in the right
direction," he added.