India eyes top 25 rank in Global Innovation Index

India eyes top 25 rank in Global Innovation Index
India’s Commerce & Industry Minister Piyush Goyal Courtesy: Hindustan Times / Contributor | Hindustan Times via Getty Images

India’s Commerce and Industry Minister, Piyush Goyal, made a clarion call for stakeholders in the innovation ecosystem to strive to take India to the top 25 in the Global Innovation Index from the 46th position recorded in 2021.

Addressing the Start-up India Innovation Week launch virtually from New Delhi on January 10, Goyal said start-ups have played a significant role in India's meteoric rise in Global Innovation Index from 76th position in 2014 to 46th position in 2021. "Our start-ups have changed the mind-set from 'can do' to 'will do'. Start-up India, which started as a mission to promote Innovation has today become a revolution of national participation and national consciousness," the minister said.

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Goyal outlined three goals for Indian entrepreneurs, 'Make in India', 'Innovate in India', and 'Mentor the next generation of entrepreneurs'.

He observed that there is a need to make "our start-ups much more resilient so that they are well prepared to mitigate and overcome crisis situations like the pandemic".

Goyal pointed that almost four start-ups are recognised in India every hour with 45 per cent belonging to Tier II & III cities; 46 per cent of start-ups are founded by women entrepreneurs.

More than 600,000 jobs have been created by start-ups during 2018-2021. Over 2 lakh jobs were created in 2021 alone, according to a statement released by the Ministry of Commerce and Industry after inauguration of the week-long virtual event to be focused on celebrating innovation and start-ups in India.

Goyal said the Prime Minister Narendra Modi-led government has been acting as a 'facilitator' by focusing on simplification, facilitation and bringing ease in starting and doing business.

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Listing some measure taken by the government to improve Ease of Doing Business, he said that there was an 80 per cent rebate on patent filing and 50 per cent on trademark filing fees, relaxation in public procurement norms, self-certification under labour and environmental laws, Funds of Funds for Start-ups, Income Tax exemption for 3 out of 10 years and Seed Fund Scheme of Rs 945 crore.

An improved IPR regime has resulted in the registration of 1.16 million trademarks in last 4 years, compared to 1.1 million registrations in last 75 years, he added.

(ANI)

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