India must rework the risk-reward matrix to push up its innovation quotient
Two recent back-to-back events have helped showcase India’s rise in the polity of nations: the country’s successful hosting of the G20 summit, which managed some path-breaking geopolitical agreements, and the Chandrayaan-3 mission that was executed flawlessly and cost effectively, validating India’s space industry. India is being seen as a country with a deep history and culture that is moving forward firmly.
As India’s presence grows commensurate with its increasing economic heft, it must dial up its innovation quotient, and build on its strong grounding in technology, IT services and now also digital public infrastructure (DPI). For India, beyond the current disruption created by rapidly evolving technologies such as artificial intelligence (AI) in mature innovation ecosystems such as the US and Europe, the central long-run question is how well and consistently we can innovate.
A key indicator of India’s low—albeit growing—innovation capabilities is patent filing. Among 55 nations, India is ranked 42nd on the International IP Index 2023 (eleventh edition) developed by the Global Innovation Policy Center, US Chamber of Commerce.
In patent filings, directly related to investment in research, India scores much lower than top spenders such as Israel, South Korea, Sweden, Japan and the US, and also below some BRICS peers. The World Intellectual Property Organization ranks India 40th in the Global Innovation Index 2023.
By this assessment, despite performing above expectations relative to GDP and producing more innovation output relative to its level of innovation investment, it ranks low on infrastructure, business sophistication and institutions. Despite encouraging signs and islands of excellence, India has some way to go
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