Thaindian News

New Delhi, July 3 (IANS) India is the ninth most efficient country when it comes to innovation, according to a study jointly conducted by the Confederation of Indian Industry (CII) and global business school INSEAD.

The study, called Global Innovation Index (GII), ranks countries on the basis of an enabling environment provided to industry and institutions for coming out with innovative practices.

India is ranked ninth under one of its prominent sub-indices — the innovation efficiency index, which highlights those countries that achieve more from lesser conditions as well as those that lag behind in fulfilling their innovation potential.

The study was released in Geneva.

As per the innovation efficiency index, India has improved its rank drastically from 101 in 2010 to nine this year led by a decline in input factors such as political stability, regulatory environment, human capital, research and development, infrastructure and an improvement in scientific and creative output, said a statement issued by CII.

Cote d’lvoire tops this list.

The parent, Global Innovation Index, was created in 2007 and it examines how countries leverage their enabling environments to stimulate innovation results.

As per the GII, India’s has ranked 62 in the overall innovation Index this year compared to the last years position of 56.

Switzerland has topped this year’s ranking, gaining three spots from its position in last year’s GII, while Sweden and Singapore are in the 2nd and 3rd positions respectively.

“After the recent economic slowdown the focus has shifted clearly towards the developing regions not only in terms of a booming potential market but also in terms of being a hot spot for frugal innovations,” said Naushad Forbes, chairman of CII Innovation Council 2011-12 and director of Forbes Marshall.

“Measuring this shift is important to know how we are doing. GII is a starting point to do that and unquestionably in the right direction,” he added.