For policymakers to bolster the global competitiveness of their nations and regions, they first must know where they stand. This report benchmarks the 87 regions of India and the United States using 13 commonly available indicators of strength in the knowledge economy, globalization, and innovation capacity.
The report is a joint effort of Institute for Competitiveness and Information Technology and Innovation Foundation.
KEY TAKEAWAYS
- The United States claims the top 51 regions, with California, Massachusetts, and Washington ranking in the top three. The top three Indian states are Delhi, Chandigarh, and Tamil Nadu, although they rank below all U.S. states.
- Indian regions excel in globalization indicators, taking top spots in inward FDI and high-tech exports. However, most of the FDI into India and most of the high-tech export activity are concentrated in five states.
- Indian regions are behind U.S. regions in most indicators, most notably those related to R&D investment and R&D personnel. This represents a key challenge for India as it tries to develop more-innovative ecosystems. Most of the R&D investment activity conducted in India is performed by the government, not the private sector.
- Regions with lower GDPs per capita consistently rank lower in indicator performance. The U.S. states with the lowest GDPs per capita (West Virginia, Arkansas, and Mississippi) rank in the bottom five states in the United States.
- Policymakers must continue to strengthen U.S.-India relations, focusing on building and strengthening critical and emerging technology and R&D collaboration initiatives, which connect start-ups, universities, and venture capitalists in both countries.
Indian policymakers must utilize incentives to attract private R&D investment from venture capital funds and public-private partnerships to drive investment in innovation.
The press release for the report was done on November 16, 2024 and can be looked at Business Wire.
