India has been ranked as world's top exporter of information and communication technology in a UN agency report.
It pointed out that the country most of the chance this lead to revolutionise in emerging areas where biology and materials sciences intersect with computing.
The country leapt 14 places from the 85th rank last year to the 61st in the latest Global Innovation Index (GII) released in Geneva by the World Intellectual Property Organisation (WIPO) in partnership with the Confederation of Indian Industry (CII).
India ranked 8th worldwide for producing graduates in science and engineering and showed the most substantial improvements in human capital and research moving up 40 places to 63.
WIPO, an UN agency, worked also with Cornell University and INSEAD, the international business school, to prepare the ninth edition of the index.
In thumbs up to India's "jugaad" tradition of invention, the report said that its culture of "frugality and sustainability" can help it capture international markets.
"For this to happen, however, India's industries need to have the hunger to be at the top of the value chain, its customers have to be more demanding, its policies have to be more transparent, and its talent pool has to get more hands-on experience while simultaneously growing to leverage the global talent pool," the report said.
WIPO quoted CII Director General Chandrajit Banerjee as saying: "The commitment of India to innovation and improved innovation metrics is strong and growing, helping to improve the innovation environment. This trend will help gradually lift India closer to other top-ranked innovation economies."
Areas where India is lagging include the business environment, where it is ranked 117, and education at the 118th spot.
To jump into the emerging areas that include computing, biology and material sciences, the report suggested that the industry double its research and development (R&D) investment and the government offer R&D grants to industry.
"Investing in innovation is critical to raising long-term economic growth," WIPO Director-General Francis Gurry said while presenting the report.