Info-tech

India ranks second in KPMG's tech innovation survey

Our Bureau Mumbai | Updated on March 11, 2020 Published on March 11, 2020

Bengaluru has moved into the list of top ten cities in KPMG’s annual survey of global technology leaders that reveals which cities, in addition to Silicon Valley, would lead technology innovation hubs over the next four years.

Bengaluru was placed eighteenth a year ago. India continued to rise in the Global Innovation Index, improving from 81 to 52 between 2015 and 2019.

Based on the survey of 810 technology industry leaders globally, the findings show that this year, the US has increased its lead over China (28 per cent versus 13 per cent) compared to last year (23 per cent versus 17 per cent).

One significant finding is that India has surged back to tie with China in the second position. With the potential innovation headwinds China is now facing, and US policies encouraging more tech professionals to return to or remain in India, the future bodes well for Indian innovation.

This is bolstered by urbanisation and a younger demographic in the country, along with an increase in venture capital in the last two years.

Commenting on the report findings, Satya Easwaran, Head – Markets Enablement & Technology, Media and Telecom, KPMG in India said, “India’s climb to the second position in the survey rankings lends credence to how we as a country are committed towards setting up strong innovation ecosystems. Bengaluru’s entry in the top 10 rankings, is another sign that the city is doing well in the areas of modern infrastructure, attracting skilled talent, investment funding, etc. With the country seeing tremendous evolution across various spheres, the coming years will be crucial to overcoming current hurdles. Overcoming these hurdles, would be imperative for India to gradually and slowly move towards becoming one of the world’s leading economy in innovation.”

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Published on March 11, 2020
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