The recently released Global Innovation Index (GII) 2015 reveals good as well as bad news for India. Though the Index ranks the country 81 out of 141 countries, which is well behind middle income countries such as South Africa and China. But, the country still retains its top position in the in the Central and Southern Asia regional ranking.

Globally, Switzerland, followed by the UK, Sweden, Netherlands and the US were ranked as the most innovative countries in the world, according to the Index.

The Global Innovation Index is calculated on the basis of how a particular country performs on seven key parameters - human capital and research, infrastructure, market sophistication, knowledge, business sophistication, technology outputs, institutions and creative outputs.

The report revealed that top scoring middle income economies, such as India, China and Brazil are working hard towards decreasing the gap with the developed world on innovation quality. This has largely been possible because of an exponential improvement in the quality of higher education institutions in these countries.

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Indian along with the economies of China, Vietnam, Uganda, Kenya and Malaysia, is part of a group of countries that are outperforming their economic peers. Further, India is also one of the eight economies that can be seen as innovation achievers outperforming their peers on overall economic score.

Although India has faced a five positions in the overall rankings since 2014, it still has been able to register its place along with 10 other developing countries, in being categorised as innovation outperformers.

According to Chandrajit Banerjee, director general of the Confederation of Indian Industry (CII), " the relative fall in India's overall ranking this year is due to availability of old data up-to 2103-14 period, and it does not truly reflect the performance of the economy in last one year." "The new innovation policies put in place by the new Indian government, which are not yet effectively captured by the data used in the GII", he added.

According to the report, India's strong points are knowledge diffusion (ranked 34th), research & development (44th), general infrastructure (43rd) and investment (42nd). On innovation quality front, the country acquires the 3rd position among middle income countries.

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