India is rapidly transitioning into a knowledge economy as a result the domestic filing of patents registered a 46 per cent growth in the last 5 years, said Union Commerce and Industry Minister, Consumer Affairs Piyush Goyal on Thursday.
Goyal was delivering a virtual message to mark the launch of the Global Innovation Index, 2022 by the World Intellectual Property Organisation (WIPO). Goyal said that as the importance of the ‘knowledge economy’ grows, innovation will lay the roadmap for development in India.
He said, "Incubation, handholding, funding, industry-academia partnership and mentorship have stirred entrepreneurial spirit across the country."
In a positive development, India has climbed to the 40th rank in the Global Innovation Index (GII) of WIPO, a leap of 41 places in seven years.
Goyal said that India had come a long way in the GII from the 81st spot in 2015 to the 40th spot in 2022 today.
"We were 46 last time the ranking was done. We have also maintained 1st rank in ICT services exports over the years," he added.
The minister said that GII has established itself as a tool for Governments across the world to reflect upon policies and their impact.
“GII has over the years recognised India’s continuous rise due to the progressive measures taken by the government and industry working hand in hand," he added.
Goyal also expressed his gratitude to WIPO on behalf of 1.3 billion Indians and said that India today aspires to take our ranking in the GII Index amongst top 25.