India has now for the first time entered the group of 50 nations in the Global Innovation Index after moving up four places to the 48th rank. This latest ranking incidentally is the top among Central and Southern Asian countries. The Global Innovation Index (GII) list, 2020, released jointly by the World Intellectual Property Organization (WIPO), Cornell University and INSEAD Business School on Wednesday states that the rankings display a dependability at the top, including a systematic "eastward shift in the locus of innovation" as economies in Asia like China, India, the Philippines and Vietnam have made advancements in the innovation ranking to a great extent over the years. 

In a statement, WIPO said that countries that have a high-income dominate the top 10 positions, with Switzerland, Sweden, the US, the UK and the Netherlands leading the innovation ranking. The statement also addressed India and said that it has become the third most innovative lower middle-income economy in the world, with the advancement mainly made possible due to newly available indicators and improvements in several notable areas of the GII.

India has made its way into the ranking in the top 15 indicators such as ICT (Information and Communication Technology) services exports, government online services, graduates in science and engineering, and R&D-intensive global companies. "Thanks to universities such as the Indian Institute of Technology in Bombay and Delhi and the Indian Institute of Science in Bengaluru, and its top scientific publications, India is the lower middle-income economy with the highest innovation quality," it added.

Prior to making a final decision on the rankings, 131 nations in total were put through an analysis under the GII. Metrics such as institutions, human capital and research, infrastructure, market sophistication and business sophistication, knowledge and technology outputs and creative outputs were taken into consideration.