SYDNEY: The land of Aryabhatt and Raman seems to have stopped innovating. According to a new global report, India has slipped in innovation by ten places to 76th position in the world this year even as its peers improved their positions.

India is the only country, which has fallen among the BRICS economies, the Global Innovation Index ( GII ) 2014 report says. Brazil has risen by three places to 61st rank, Russia by 13 places to 49th, China by six places to 29th, while South Africa by five places to 53rd rank.

This is not good news for the country that is seen as a rapidly rising economy with the unique capital called the demographic quotient — that places it to be the youngest country in the world.

The report was released by Australia’s industry minister Ian Macfarlane along with its authors Cornell University, INSEAD and World Intellectual Property Organization at the B-20 Australia Summit on Friday.

The GII surveyed 143 countries using 81 indicators to gauge their innovation capabilities and measurable results. The index has become a benchmarking tool for business leaders, policy makers and observers alike over the last few years. Confederation of Indian Industry was a knowledge partner in the 2014 study.

Switzerland ranks at the top in the innovation index followed by the UK and Sweden. The US ranks sixth, while Hong Kong is 10th. Mauritius, Seychelles and South Africa came at 40th, 51st and 53rd.

According to the GII report, the top rankers are found to be performing strongly in innovation infrastructure like information and communication technologies, business sophistication and innovation outputs such as creative goods and services and online creativity.

The report found that after the economic recession, there was a slowdown in growth of research and development (R&D) expenditure across the world, with both the public and private sector tightening the strings on funds for innovations. “This is the case especially in high-income countries,” the report said, adding, “In many advanced countries, fiscal consolidation also seems to have negatively affected public spending on education since 2010.”