for the first time ever, India has made it to Bloomberg’s list of most innovative countries in the world. In 2019 Bloomberg Innovation Index that comprises 60 economies, India scored 47.93 out of 100 and has been ranked at 54th position among the world’s most innovative countries.
The development comes as world leaders gather at the ongoing annual World Economic Forum in Davos where they will discuss globalisation and how innovation propels countries forward.
The index is topped by South Korea for the sixth time in a row with a total score of 87.38. South Korea is closely followed by Germany, Finland, Switzerland, Israel, Singapore, Sweden, U.S., Japan and France in the top 10.
The United States has surged back into top 10 this year after it was left behind from the top 10 in 2018 Bloomberg Innovation index. China has jumped three places to 16th rank largely due to the surge in patent activity.
The annual Bloomberg Innovation Index analyses dozens of criteria using seven metrics, including research and development spending, manufacturing capability and concentration of high-tech public companies.
Besides India, ten more countries have made their debut in the index and these are — United Arab Emirates, Saudi Arabia, Mexico, Vietnam, Brazil, Kuwait, Qatar, Chile, Argentina, Slovenia.
Explaining the process behind how the nations were assigned a score, Bloomberg said that the 2019 ranking process began with more than 200 economies. Nations that didn’t report data for at least six categories were eliminated, trimming the total list to 95.
South Korea has retained the top spot with a score of 87.38, while Germany scored 87.30 for improvements in research and education.
Finland with a score of 85.70 came third on the list, followed by Switzerland with a score of 85.49. Israel came in at the 5th spot with a score of 84.78.
Each country was scored on a 0-100 scale based on seven equally weighted categories.
The United Kingdom fell one spot to 18th and lost out to China for the first time ever in Bloomberg rankings.
Israel has been ranked at 1st place in research & development intensity; Ireland has topped the index in manufacturing value-added and productivity; the U.S. is leading in high-tech density and patent activity, while, Singapore and Denmark have grabbed the 1st place in tertiary efficiency and researcher concentration, respectively.
Among the new entrants annual Bloomberg Innovation Index are some of the world’s largest emerging economies: India, Mexico, Vietnam and Saudi Arabia.