India has improved its ranking in the Global Innovation Index for the year 2019 by jumping four ranks taking India into the 50 top innovative countries of the world at 48th rank. The World Intellectual Property Organization (WIPO) that issues this ranking also accepted India as one of the leading innovation achievers of 2019 in the central and southern Asian region, and noted its consistent improvement in its innovation ranking for the last 5 years.
Immense knowledge capital, a vibrant startup ecosystem, and the amazing work done by the public and private research organizations are the factors slated to be behind the consistent improvement in the global innovation index.
India aims to take this further by not seeking an incremental change but a paradigm shift in the future index. The aim is now to breach the top 25 ranking of innovative nations of the world.
Here are the factors which can be banked upon to take India up in the innovation index.
- The space sector has been thrown open to private sector as well during the reforms undertaken in the Covid-19 phase. A lot of innovations can be expected in this sphere.
- The much-awaited agriculture reforms have taken place during this pandemic phase. As it made farmers free to sell their produce to anyone, anywhere not restricting them to the local mandi, a lot of start ups will play the role of innovation by offering technological solutions to link various markets. The transformation is already visible and you may read our earlier article to have a glimpse – How Recent Reforms in Agriculture Have Opened New Avenues of Opportunities for Agri-Business
- It is noticeable that in this pandemic phase, India has managed to achieve self-reliance in the sphere of apps. Many Indian apps have replaced the Chinese apps that were banned for security concerns. Recently, Indian start-ups have come up with video conference solutions as part of a challenge conducted by the government. Now, the Indian government is supporting the start-up ecosystem by throwing a challenge in building the next generation start-ups in select five categories. For more you can read How Govt is Inspiring & Incentivising Vocal for Local in Apps and Technological Solutions
- The NITI Aayog has been working tirelessly to ensure optimization of national efforts in this direction by bringing policy led innovation in different areas such as EVs, biotechnology, Nano technology, Space, alternative energy sources, etc. The India Innovation Index, which was released last year by the NITI Aayog, has been widely accepted as a major step in the direction of decentralization of innovation across all the states of India.
- Budget 2020 has announced a ₹8,000 crore outlay for a National Mission on Quantum Technology which will work in the spheres of quantum computing, quantum sensors, quantum cryptography, quantum simulation, quantum metrology and quantum imaging. India’s investment through this Mission outlay puts it alongside the United States, Europe and Russia. One may expect innovations in this area in the days to come.
Thus, the future road of innovations clearly can only become better considering the reforms and system that this government is bringing on ground consistently.