India, Kenya and Viet Nam are currently outperforming other developing markets on the innovation front, according to the latest edition of the Global Innovation Index from Cornell University, INSEAD and WIPO.
India is improving across the board, including in infrastructure, business sophistication, knowledge and technology and creative outputs. It outdoes most other middle-income economies in science and engineering graduates, gross capital formation, research talent, and also in the quality of scientific publications, and IP receipts, according to the Global Innovation Index.
“Public policy plays a pivotal role in creating an enabling environment conducive to innovation,” says Chandrajit Banerjee, dg, Confederation of Indian Industry.
Since 2012, Sub-Saharan Africa has counted more ‘innovation achiever’ countries than any other region. Joining Kenya this year are Rwanda, Mozambique, Uganda, Malawi, Madagascar and Senegal stand out for being innovation achievers this year, while Burundi and Tanzania have also joined the club.
Viet Nam leads the ASEAN grouping on education expenditure and also performs well in labour productivity growth, economy-wide investment, and foreign direct investment inflows.