Surprise! India rockets to 54th spot in world's most innovative countries list
The 2019 Bloomberg Innovation Index ranking, which enters its seventh year, has been released at the annual World Economic Forum in Davos, Switzerland, where the global elite has congregated to discuss the future of globalization, role of the state and how innovation propels countries forward. The 2019 Bloomberg ranking process began with more than 200 economies, which were scored on a 0-100 scale based on seven equally weighted categories, and the list of top 60 economies has finally been published. According to Bloomberg report, India as a largest emerging economy did not find a place in 2018, but it made an entry in 2019 and stands at the 54th spot.
In the Bloomberg Innovation Index, India is among the new entrants from the world’s largest emerging economies with a total score of 47.93. Barring India, other nations include Mexico, Vietnam and Saudi Arabia also made a surprise entry. Notably, the United Arab Emirates made the highest debut in 46th place, while Brazil rejoined the index in the 45th spot after not being ranked in 2018. Image source: pmindia.gov.in
In 2019, South Korea retained the global crown in the Bloomberg Innovation Index as the undisputed No. 1, with a total score of 87.38. Although South Korea extended its winning streak, its lead at the top narrowed in part because of lower scores in patent activity. Image source: Reuters
South Korea was followed by Germany, Europe’s largest economy, to have near-parity in the annual ranking with a total score of 87.30. Germany almost caught six-time champion South Korea on the strength of added-value from manufacturing and research intensity. Image source: Reuters
Sweden, the runner-up in 2018, fell to the seventh spot with a total score of 84.15. Image source: Reuters
Patent activity boosted the scores for Israel, which was a big winner by jumping five spots to fifth overall. The Middle Eastern country, with a total score of 84.78, surpassed Singapore, Sweden and Japan in the process. Image source: Reuters
Patent activity also boosted the scores for China, which is at 16th, up three spot from 2018, with a total score of 78.35. Image source: Reuters
The United States moved up to eighth place, a year after cracks in education scores pushed it out of the top 10 for the first time. Image source: Reuters
The top 20 nations in 2019 Bloomberg Innovation Index are: South Korea, Germany, Finland, Switzerland, Israel, Singapore, Sweden, United States, Japan, France, Denmark, Austria, Belgium, Ireland, Netherlands, China, Norway, UK, Australia and Canada. Representational Image, source: Reuters