India ranks 48th among 131 countries for innovation, its highest ever rank, but more work is needed on research and development (R&D) from the private sector, the government’s annual pre-budget Economic Survey 2021 released on January 29 has said.
According to the Global Innovation Index (GII), India’s ranking has improved from 81st in 2015 to 48th in 2020. India ranks first in Central and South Asia and third among lower middle-income group economies.
The government expects businesses to produce more patents and original research, and says it does “a disproportionate amount of heavy-lifting on R&D by contributing 56 percent of the gross expenditure on R&D, which is three times the average contributed by governments in the top ten economies”.
In comparison, the business sector contributes 37 percent of the gross expenditure on R&D compared to an average 68 percent in the top 10 economies globally.