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September 3, 2020

India ranked in the top 50 nations in the Global Innovation Index

by CA Shivam Jaiswal in Compliance Law, Corporate Law

India ranked in the top 50 nations in the Global Innovation Index

India has climbed 4 spots and has been ranked 48thby the World Intellectual Property Organization in the Global Innovation Index 2020 rankings. In midst of the Covid -19 pandemic, it comes as an uplifting news for India, and is a testament of its robust R&D Ecosystem.

India was at the 52nd position in 2019 and was ranked 81st in the year 2015. It is a remarkable achievement to be in a league of highly innovative developed nations all over the globe.

The WIPO had also accepted India as one of the leading innovation achievers of 2019 in the central and southern Asian region, as it has shown a consistent improvement in its innovation ranking for the last 5 years.

The consistent improvement in the global innovation index rankings is owing to the immense knowledge capital, the vibrant startup ecosystem, and the amazing work done by the public & private research organizations.

The scientific ministries like the Department of Science and Technology, the Department of Biotechnology and the Department of space have played a pivotal role in the enriching the national innovation Ecosystem.

The NITI Aayog has been working tirelessly to ensure optimization of national efforts in this direction by bringing policy led innovation in different areas such as EVs, biotechnology, Nano technology, Space, alternative energy sources, etc.

The India Innovation Index, which was released last year by the NITI Aayog, has been widely accepted as the major step in the direction of decentralization of innovation across all the states of India. A constant thrust in monitoring and evaluating India’s position in global rankings has be provided by the NITI Aayog, including the global innovation index.

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India must aim high and double its efforts in improving its ranking in the global innovation index. The call for Aatma Nirbhar Bharat by the Hon’ble Prime Minister could only be realized if India punches above its weight class and compete with global superpowers in developing scientific interventions. It is time that India brings a paradigm shift and aims to be in the top 25 countries in the next global innovation index rankings.

The Government has notified the last date for , availing benefits under Merchandise Exports from India Scheme (MEIS) ,policy and also prescribed ceilings on (MEIS) benefits available during this Interim period. The highlights of the notification are as under:

1. The benefits under MEG shall not be available for exports made with effect from 1 January 2021.

2. Export made during the period 1 September, 2020 to 31 December 2020:

• The total reward to an Importer Exporter Code (IEC) holder under MEIS shall not exceed Rs.2 crores per IEC on exports made (Let Export Order date) between above period.

• The aforesaid ceding may be subject to a further downward revision to ensure that total claim under the scheme does not exceed the allocation of Rs5,000 crores as prescribed by the Government.

3. Any IEC holder who has not made any export with Let Export Order date during the period 1 September 2019 to 31 August 2020 or any new IEC obtained on or after 1 September 2020 would not be eligible for submitting a, claim for benefits under MEIS for export made with effect from 1September 2020.

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