India secured 41st slot in the Global Innovation Index (GII) 2008-09 while US again topped in the listing followed by Germany, Sweden and the UK. The study about global innovation index was done by industry body CII and B-School INSEAD, covering 130 countries of the world. GII uses data from international agencies including the World Bank and the World Economic Forum to prepare final ranking.

India was at 23rd slot in GII last year. The position of other Asian economies including Malaysia and China remained better than India. China ranked at 25th and Malaysia
37th in the index. Singapore, Japan and South Korea featured among the top 10 in the index. China has ranked above India on the basis of input output pillars.

The dean of external affaires, INSEAD, Prof. Soumitra Dutta said, "This index speaks about which nations and regions respond best to the challenge of innovation, taking into account a number of factors." He further added, "India's ranking has slipped as other countries are progressing faster. Factors that contribute to low ranking need long and consistent effort. It cannot be improved in the short term."