India figures at 54th position among the world's most innovative countries, according to Bloomberg 2019 Innovative Index.
It is for the first time that India has made it to the rankings. 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 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.
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. The United States moved up to eighth place, a year after cracks in education scores pushed it out of the top 10 for the first time.
Among the new entrants annual Bloomberg Innovation Index are some of the world’s largest emerging economies: India, Mexico, Vietnam and Saudi Arabia.