In a major breakthrough with regard to recognition of India amid the global space, India has been ranked in Bloomberg’s 2019 list of most innovative countries in the world — 2019 Bloomberg Innovation Index – for the first time ever. India has grabbed 54th spot in the Bloomberg Innovation Index with a score of 47.93 out of 100 in ‘2019 Bloomberg Innovation Index’ of 60 economies. United Arab Emirates, Saudi Arabia, Mexico, Vietnam, Brazil, Kuwait, Qatar, Chile, Argentina, Slovenia are the countries which have been ranked for the first time.
South Korea has topped the Bloomberg Innovation Index for the sixth time in a row with a total score of 87.38, followed by Germany, Finland, Switzerland, Israel, Singapore, Sweden, U.S., Japan and France in the top 10. Notably, Germany’s total score stood at 87.3, nearly equal to that of South Korea. The United States has regained its position under the top 10 this year after the nation had been dropped from the top 10 from 2018 Bloomberg Innovation lndex.
According to Bloomberg, the countries and sovereigns have been ranked on the basis of their overall ability to innovate considering seven-equal weighted metrics — research & development intensity, manufacturing value-added, productivity, high-tech density, tertiary efficiency, researcher concentration, patent activity.
India has been ranked at 47th in research & development intensity, 54th manufacturing value-added, 58th productivity, 29th high-tech density, 51st tertiary efficiency, 59th in researcher concentration and 36th in patent activity.
Meanwhile, 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.
Bloomberg Innovation Index has been constituted for the seventh time. According to a Bloomberg report, Bloomberg has published top 60 economies out of 95 economies analysed for the ranking process for the year 2019. Each economy has been assigned a score from 0-100 on the basis of seven equal-weighted metrics.