Shumita Deveshwar, senior director of India Research at TS Lombard, noted that India still fell far behind the U.S. in the Global Innovation Index. “India doesn’t have the infrastructure resources or the money for R&D that is available in the U.S. or China,” she said in an email on Wednesday.
The U.S. and China were ranked third and 14th respectively in 2019′s index. “That said, India has a very strong start-up culture and a few but very strong educational institutions, as well as corporates, that focus on innovation,” Deveshwar added. “The government has also been making efforts to create a better and more competitive environment for innovation in India, but we still have a long way to go before we can catch up to China and the United States.”
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