China rises, US falls in global innovation index

India Climbs To 57th Position In Global Innovation Index Rankings

According to the ranking published annually by Cornell University, INSEAD and the World Intellectual Property Organization (WIPO) and GII Knowledge Partners to a survey conducted, Kenya come in third after South Africa and Mauritius.

The United States fell from fourth in 2017 to sixth this year, while China jumped from 22nd to 17th.

The top 10 innovative economies also include Britain, Singapore, Finland, Denmark, Germany and Ireland.

Vietnam is ranked second in innovation among lower middle income economies, and experts say it has punched above its income weight.

The Global Innovation Index aims to capture the multi-dimensional facets of innovation by providing a rich of database of detailed metrics for 126 economies.

WIPO is a specialised agency of the United Nations.

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A higher ranking in the report means better economic development and richer innovation-prone environments.

According to the index, 20 middle and lower-income economies that perform "significantly better" than their level of development would predict made this year's list of "innovation achievers", including three for the first time — South Africa, Tunisia and Colombia.

Africa's most innovative economies were able to attract higher foreign direct investments that translated into more jobs for the youth and increased revenue streams to support social sectors like education and health. Indonesia, Malaysia, Thailand, and Vietnam continue to move up the rankings, steering closer to regional powerhouses like China, Japan, Singapore, and South Korea.

The 2018 report launched in Nairobi and NY on Tuesday with the theme "Energizing the World with Innovation", says harnessing of science and technology, higher education and skilled labour has significantly enhanced competitiveness of African economies. It includes India's human capital (graduates in science & engineering), growth rate of GDP per worker, exports of information and communication technology (ICT) and services, productivity growth and creative goods exports among others.

Projections indicate that by 2040 the world will require up to 30 per cent more energy than it needs today and conventional approaches to expanding the energy supply are unsustainable in the face of climate change.

This year's theme is "Energising the world with Innovation". "The Indian government and the CII are working closely with the GII team to further improve the Indian innovation performance", Confederation of Indian Industry (CII) Director General Chandrajit Banerjee said.

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