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Apple is world’s Most Innovative Company according to Fast Company magazineReuters

Cupertino-based technology giant Apple has been selected the most innovative firms in the world by Fast Company, an American business and technology magazine. The recently launched Indian telecom player Reliance Jio secured the 17 position in the list of the World's Most 50 Innovative Companies (MIC) for 2018, for 'putting India on the fast track'.

Fast Company announced its list of World's Most Innovative Companies for 2018 for honoring companies and their impact on businesses. The list is prepared after surveying thousands of companies across 36 categories.

Mukesh Ambani-backed Reliance Jio is number one rank among the Most Innovative Companies in India, according to the Fast Company ranking. Headquartered in Navi Mumbai, Reliance Jio, the subsidiary of Reliance industries launched its commercial services across India in September 2016.

The report notes that Jio has installed more than 100,000 new cell towers, some 155,000 miles of fiber laid and built 500,000 square feet of cloud data centers to create next-gen broadband infrastructure in India. 

Apple became the world's most innovative company by being the "preeminent maker of computing devices, from those you stick on a desk (Macs) to ones you strap to your wrist (the Apple Watch)", Fast Company noted. Apple was ranked fourth on the same list released in 2017.

Apple is followed by the online streaming platform Netflix in the second place. Square -- a California-based financial services, merchant services aggregator and mobile payment company -- is ranked third in the list. Square is followed by Chinese multinational investment holding firm Tencent.

E-commerce giant Amazon, which was on top in the list in 2017, slipped to the fifth position in the latest ranking by Fast Company.  

Noida-based online e-wallet company Paytm, which recently started its Paytm Payments Bank, has been included in the list at the 31 position.