In an excellent piece of news coming in, India has once again had an impressive performance on the annual Global Innovation Index (GII). The South Asian country has continued its rise for the second year in succession in the GII rankings and bettered its position from 66th to 60th. In 2016, the country had improved its performance from 81 to 66, after witnessing four consecutive years of decline.

Though the Indian subcontinent is improving its performance, it is still far behind one of its biggest rivals in the technology space, China, which stands at an impressive from 25. China went up three positions from its position in 2016.

India's performance is being attributed to a trend being seen in both middle-income countries and Asian countries, many of which have done some exceptional work in improving their innovation capacities in last couple of years. Further, India has improved its data capture system in recent times, which might have ended up having a major impact on its ranking.

The GII, which is seen as an important benchmark in national competitiveness by several governments around the globe, was developed 10 years ago in 2007 by the business school INSEAD. The index is now developed and executed in partnership by Insead, Cornell University and the World Intellectual Property Organisation (WIPO).

The index, which ranks 127 countries around the world, is often topped by developed countries. For the last seven years, Switzerland has been the most innovative country on the list by acquiring the number one position. United States is surprisingly placed at number four this year.

In the last ten years that GII has been live, India has had a journey full of ups and down on the list. When the GII was first announced in 2007, India debuted on the list at 41. Though the country ranks 60th on the list, but this necessarily doesn't mean that the country performance is worse than its 2007 performance. This is because the GII has had some changes in its parameters over the years, as its inventors have been continuously working on improving the methodology.

It is also important to note that India is home to a large informal sector whose innovations mostly go unrepresented in global rankings, and this must have also happened with GII, which means the country might be innovating at an even better pace that it is being accounted for.

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