India ranks among top 50 innovating countries for first time: Economic Survey

India ranks among the top 50 innovating countries for the first time, improving its rank to 48 in 2020 from 81 in 2015, according to Global Innovation Index, the Economic Survey released ahead of the Union Budget said. 

India also tops the index in Central and South Asia, and stands third among the countries with lower-middle-income category.

The improvement in the position was lead by progress in parameters like business and market sophistication, infrastructure etc.

As for the areas which need improvement, the Economic Survey said, education, new business per thousand population, ease of business and employed females with advanced degrees need focus. In such sectors, the country is ranked beyond 100, thus requiring attention.

"As the 5th largest economy, India’s aspiration must be to compete on innovation with the top ten economies," the survey said. 

To improve in areas that are left behind, Indian needs to focus on improving innovations in institutions, it said. "India must focus on improving its performance on institutions and business sophistication innovation inputs. These are expected to result in higher improvement in innovation output."