World's most innovative nations; India down at 62

India (Rank 62)

GDP per capita, PPP: 3,270.1
GDP: $1,310.2 billion
Global Innovation Index score: 34.5
Innovation Efficiency Index: 9

India has fallen further in the Global Innovation Index. From being ranked 56th last year, India has slipped to the 62nd spot, according to a study by Confederation of Indian Industry and global business school INSEAD.

However, it is ranked ninth in terms of the innovation efficiency index, which highlights those countries that achieve more from lesser conditions as well as those that lag behind in fulfilling their innovation potential.

The study points out some of India's popular innovations -- Nano, the cheapest car from Tata Motors, solar-powered cellphones and Mac 400, a handheld electrocardiogram.

According to the study, global giants like PepsiCo, IBM, Nokia, Xerox and GE and Indian companies like Godrej, Mahindras and Tatas are focusing on low-cost products to target the huge base of middle class Indians.

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China (Rank 29)

GDP per capita, PPP: $6,828
GDP: $ 4,985.5 billion
Global Innovation Index score: 46.4
Innovation Efficiency Index: 3

China is the top-ranked emerging economy in innovation. It ranks 9th in terms of scientific output with a score of 52.7.

China has invested heavily in innovation and product development. With its fast paced growth, China is expected to beat the United States in patent filings in 2011. China has ambitious plans of filing 2 million annual patents by 2015.

"Innovation is critical to driving growth in both developed and emerging economies, especially during a time when the global economy is still in a state of recovery," said Soumitra Dutta, Roland Berger Professor of Business and Technology at INSEAD and editor of the study.

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Pakistan (Rank 105)

GDP per capita, PPP: $2,608.6
GDP: $162.0 billion
Global Innovation Index score: 26.8
Innovation Efficiency Index: 4

Pakistan ranks poorly in scientific outputs at 17.5. It ranks at 98th position. It scores 36.3 in creative outputs, ranked at 53.

Factors that are considered for the innovation inputs include: Institutions, human capital and research, infrastructure, market sophistication and business sophistication.

The innovation output is composed of two main factors: scientific output and creative output.

Click NEXT to find out top 20 most innovative nations . . . 

Switzerland (Rank 1)

GDP per capita: $ 45,116.9
GDP: $491.9 billion
Global Innovation Index score 63.8
Innovation Efficiency Index: 12

Switzerland is the world's most innovative nation. It topped this year's GII ranking, moving up three places in the index compared to last year.

This year's rankings show that innovation has become a global phenomenon with six European economies.

One of the richest countries in the world, it ranks second in scientific output with a score of 62. In terms of creative output, it is ranked third with a score of 54.4.

Sweden (Rank 2)

GDP per capita: $37,904.6
GDP: $406.1 billion
Global Innovation Index score: 62.1
Innovation Efficiency Index: 6

Sweden is the world's No.1 in scientific output with a score of 62.1.

Sweden has been quick at working on new ideas and is on the forefront of groundbreaking innovation.

It ranks second in terms of creative output with a score of 56.7.

Singapore (Rank 3)

GDP per capita: $50,632.8
GDP: $182.2 billion
Global Innovation Index score: 59.6
Innovation Efficiency Index: 0.6

Singapore gives much emphasis to science and innovation. The island nation has invested in world-class laboratories, education and research centres.

It ranks 15th in scientific output with a score of 48.9, while in creative output, it falls to 30th position with a score of 41.4.

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Hong Kong (Rank 4)

GDP per capita: $45,736
GDP: $326 billion
Global Innovation Index score: 58.80

Innovation and technology give a fillip to Hong Kong's economic growth. The Innovation and Technology Commission (ITC) was set up on July 1, 2000 to spearhead Hong Kong's drive to become a world-class, knowledge-based economy.

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Finland (Rank 5)

GDP per capita: $ 34,719.7
GDP:  $238 billion
Global Innovation Index: 57.5

While Finland ranks high in scientific output, it doe not score well in creative output.

It ranks third in scientific output with a score of 58.5 and 28th in creative output with a score of 42.1.

Finland is highly integrated in the global economy, and international trade is a third of GDP.

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Denmark (Rank 6)

GDP per capita, PPP: $ 36,761.7
GDP: $309.6 bn
Global Innovation Index score: 57.0
Innovation Efficiency Index: 0.8

Denmark scores high in creative output (rank 5) with a score of 52.4. It is at 17th position in terms of scientific output with a score of 46.3.

Denmark continues to remain among leading, innovative countries in Europe.

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United States (Rank 7)

GDP per capita, PPP: $45,989.2
GDP: $14,119
Global Innovation Index score: 56.6

It ranks 5th in scientific output with a score of 57.45. In terms of creative output it scores 43.2 (rank 24).

The world's largest national economy, United States has remained one of the leaders in scientific discovery and technological innovation since the late 19th century.

Image: The flight apparatus is tethered by a 30-foot hose dragging a tiny boat with a pump that uses seawater as propellant. During training, the instructor remotely operates the vehicle, but as the participant becomes more proficient, he gains more control.

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Canada (Rank 8)

GDP per capita, PPP: $37,945.6
GDP: $1,336.1
Global Innovation Index score: 56.3
Innovation Efficiency Index: 0.7

Canada is one of the world's wealthiest nations, with a high per-capita income.

Canada ranks 21st in scientific output with a score of 42.5. It is ranked fourth in creative output with a score of 54.0.

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Netherlands (Rank 9)

GDP per capita, PPP: $40,714.7
GDP: $792.1 billion
Global Innovation Index score: 56.3
Innovation Efficiency Index: 0.9

The 16th largest economy in the world, Netherlands ranks high on both scientific output (rank 6) and creative output (rank 8) with scores of 53.8 and 50.6 respectively.

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United Kingdom (Rank 10)

GDP per capita, PPP: $36,495.8
GDP: $2,174.5 billion
Global Innovation Index score: 56.0
Innovation Efficiency Index: 0.8

The United Kingdom scores high on scientific output with a score of  52.3 to be ranked at 10th position.

It ranks 18th in creative output with a score of 44.3. England and Scotland were leading centres of the scientific revolution from the 17th century.

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Iceland (Rank 11)

GDP per capita, PPP: $37,595.1
GDP: $12.1 billion)
Global Innovation Index score: 55.1
Innovation Efficiency Index: 0.8

One of the world's richest nations, Iceland ranks high (8th) in scientific output with a score of 53.2 and is 25th in creative output with a score of 42.3.

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Germany (Rank 12)

GDP per capita, PPP: $36,267.4
GDP: $3,330 billion
Global Innovation Index score: 54.9
Innovation Efficiency Index: 0.9

Germany scores higher in creative output, it is ranked 6th with a score of 51.7. It is ranked 14th in scientific output with a score of 49.8.

Known as the land of ideas, German innovations have significantly shaped today's world and promoted scientific, cultural, and economic progress

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Ireland (Rank 13)

GDP per capita, PPP: $41,278.2
GDP: $227.2 billion
Global Innovation Index score: 54.1
Innovation Efficiency Index: 0.7

Ireland ranks 11th in scientific output with a score of 51.2. It falls in creative output (rank 58) with a score of 34.2.

Ireland is equipped with the best education, training, entrepreneurial support and a conducive regulatory framework.

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Israel (Rank 14)

GDP per capita, PPP: $ 27,759.2
GDP: $195.4 billion
Global Innovation Index score: 54.0
Innovation Efficiency Index 0.8

Israel ranks 4th in scientific output with a score of 57.5. It ranks 37th in creative output with a score of 40.4

The only Middle Eastern nation besides Israel to break the GII's Top 30 innovation rankings is Qatar ranked 26.

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New Zealand (Rank 15)

GDP per capita, PPP: $29,072.2
GDP: $126.7 billion
Global Innovation Index score: 53.8
Innovation Efficiency Index: 0.8

It ranks 16th in scientific output with a score of 47.6. In creative output, it is ranked 15th with a score of 45.6.

New Zealand has a stable economy and a reputation for innovation.

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Korea (Rank 16)

GDP per capita, PPP: $27,168.5
GDP: $832.5 billion)
Global Innovation Index score: 53.7
Innovation Efficiency Index: 0.8

Korea ranks high (7th) in scientific output with a score of 53.7. It is ranked 27th in creative output with a score of 42.2.

Image: Two South Korean labs are offering pet owners the chance to clone dogs.

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Luxembourg (Rank 17)

GDP per capita, PPP: $83,758.8
GDP: $52.3 billion
Global Innovation Index score: 52.7
Innovation Efficiency Index: 0.6

Luxembourg has a stable, high-income economy. It is ranked 20th in scientific output with a score of 43.2 and 42nd in creative output with a score of 39.5.

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Norway (Rank 18)

GDP per capita, PPP: $55,672.1
GDP: $381.8
Global Innovation Index score: 52.6
Innovation Efficiency Index: 0.7

One of the world's richest countries, Norway scores high in creative output. It is ranked 7th with a score of 50.6. It is ranked 26th in scientific output with a score of 37.4.

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Austria (Rank 19)

GDP per capita, PPP: $38,363.1
GDP: $381.1 billion
Global Innovation Index score: 50.7
Innovation Efficiency Index: 0.7

Austria is ranked 30th in scientific output with a score of 35.4. It scores higher in creative input 49.0 to bag the 9th position.

While Austrian development is above average in investments or entrepreneurship, the performance in human capital, finance and support is weak.

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Japan (Rank 20)

GDP per capita, PPP: $32,452.8
GDP: $5,069 billion
Global Innovation Index score: 50.3
Innovation Efficiency Index: 0.7

The world's third-largest economy by nominal GDP, Japan bags the 13th position in scientific output with a score of 49.8.

In creative output, Japan is way down at 65th position with a score of 32.8.