India falls 5 places in the Global Innovation Index to 81 position; well below all BRICS nations

Despite a strong pitch on 'Make in India' initiative, India has fallen 5 spots in the global innovation index to 81 rank. Published by Cornell University, INSEAD France, and World Intellectual Property Organization, with CII as the knowledge partner, the study was done on 141 economies across the world on their innovation capacity and efficiency. The ranking is based on data, ranks and strengths and weaknesses on 81 indicators India is ranked below all other BRICS nation, which are the main competitors when it comes to attracting investments into the country. Brazil, Russia, China and South Africa are ranked at 70, 48, 29 and 60 positions respectively. 

India was ranked at 76 position in the last year's report and at 66 in 2013 which shows that innovation levels in India have been falling consistently. "We applaud the new innovation policies put in place by the new Indian government, which are not yet effectively captured by the data used in the GII," said Chandrajit Banerjee, Director General of Confederation of Indian Industry (CII). "Some of these measures have already had a positive impact on the build-up of innovation momentum and entrepreneurial mood in the country, and we expect this trend to grow in the coming months and years." Switzerland, the United Kingdom, Sweden, the Netherlands and the United States of America are the world's five most innovative nations, according to the Global Innovation Index 2015. 

The GII 2015 looks at "Effective Innovation Policies for Development" and shows new ways that emerging-economy policymakers can boost innovation and spur growth by building on local strengths and ensuring the development of a sound national innovation environment.