"We see the rise of India, which is doing increasingly well along many metrics", said the report's co-editor, Soumitra Dutta, who is the dean of the SC Johnson College of Business at Cornell University, New York, at a Geneva news conference.
Additionally, Vietnam was assessed to be strong in a range of indicators, including knowledge and technology outputs; market sophistication, and expenditure on education. Chandrajit Banerjee, director general of the Confederation of Indian Industry, cites India's-government initiated improvements as the impetus of these improvements.
"Public policy plays a pivotal role in creating an enabling environment conducive to innovation", he said in a statement.
In a statement here, the Indian Commerce Ministry said that recognising the country's potential to reach great heights in innovation and creativity, a task force on innovation was set up past year on the direction of Commerce Minister Nirmala Sitharaman. At the top of the rankings is Switzerland, followed by Sweden, the Netherlands and the United States.
In 2017, Switzerland leads the rankings for the seventh consecutive year, with high-income economies taking 24 of the top 25 spots, except China which in 2016, became the first- ever middle income economy in the top 25. India can be found in this group, along with 16 other countries including Uganda, Vietnam and Bulgaria.
The GII report also focussed on the necessity to invest in the creative outputs in each country in order to drive growth.
The index measured innovation in 127 countries.More news: Puerto Rico votes in favor of US statehood amid low turnout
Key findings show the rise of India as an emerging innovation center in Asia, high innovation performance in sub-Saharan Africa relative to development, and an opportunity to improve innovation capacity in Latin America and the Caribbean.
GII 2017 notes a continued gap in innovative capacity between developed and developing nations and lackluster growth rates for research and development (R&D) activities, both at the government and corporate levels.
Singapore has taken a step back in terms of innovation capabilities and outcomes as it ranked seventh in the Global Innovation Index 2017.
Innovation is now widely recognised as a central driver of economic growth and development.
Sub-Saharan Africa draws its highest scores in institutions and market sophistication, where economies such as Mauritius, Botswana, South Africa, Namibia, Rwanda and Burkina Faso perform on par or better than some of their development-level peers in Europe and Southeast Asia, East Asia and Oceania.
The theme of this year's GII was "Innovation Feeding the World", which placed a special lens on the innovation present in the agriculture and food systems around the world in the face of the increasing demand for limited natural resources and the challenge of defeating climate change.