The United States is a developed economy with a GDP per capita income of around $81,000, while India aims to become a developed economy by 2047, with a GDP per capita of approximately $2,450. These disparities are reflected in their GII rankings: the United States ranks third, whereas India has made remarkable progress to secure the 39th position – a substantial increase from its previous ranking of 81st in 2015. There is still a significant gap in the performance of both countries at the subnational level that needs to be addressed, particularly for India, which aims to break into the top 25 of the Global Innovation Index (GII). It is essential to understand the factors driving the differences in performance at regional economies, as these contribute to both countries’ varying innovative capabilities and outputs.
The innovative ecosystem of the United States thrives on factors such as robust R&D infrastructure driven by high R&D investment and a skilled STEM workforce. Silicon Valley and Massachusetts are globally renowned for their blend of the triple helix model, access to venture capital, and high levels of private R&D spending. In contrast, India’s innovative ecosystem is driven by five states: Karnataka, Delhi, Maharashtra, Chandigarh, and Tamil Nadu. Significant strides in innovation are driven by tech hubs such as Bengaluru, Gurugram, Delhi and Hyderabad. However, the challenge these tech hubs and other emerging tech hubs in India face is in matching the depth and breadth of US sub-national level innovation capabilities.
This story is from the December 14, 2024 edition of BW Businessworld.
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This story is from the December 14, 2024 edition of BW Businessworld.
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