Why is it in the news?
- India retains its 40th rank out of 132 economies in the Global Innovation Index 2023.
- Switzerland secured the top rank in the Global Innovation Index, followed by Sweden and the USA.
More about the news
- India’s performance in the GII has been improving, rising from a rank of 81 in 2015 to 40 in 2023.
- Only four other middle-income economies are among the top 40, including China (12th), Malaysia (36th), Bulgaria (38th), and Türkiye (39th).
- India was listed among the 21 economies that consistently outperformed in innovation relative to their level of development.
- Apart from infrastructure, India excelled in all other criteria within the Central and South Asian region.
- India’s improved ranking is attributed to its knowledge capital, vibrant startup ecosystem, and contributions from public and private research organizations.
- Various government departments, including the Department of Science and Technology, Department of Biotechnology, Department of Space, and Department of Atomic Energy, played significant roles in enriching the National Innovation Ecosystem.
- The Atal Innovation Mission and NITI Aayog have also contributed to expanding the innovation ecosystem.
- The Global Innovation Index project was launched by Soumitra Dutta in 2007. WIPO began co-publishing the GII in 2012.
- The Global Innovation Index, which is published annually, has been a leading reference for measuring an economy’s innovation performance.
- A large number of countries use the GII to assess and improve their innovation ecosystems and use the GII as a reference in economic plans and/or policies.
- The GII has also been recognized by the UN Economic and Social Council in its 2019 resolution on Science, Technology and Innovation for Development as an authoritative benchmark for measuring innovation in relation to the Sustainable Development Goals (SDGs).
- Parameters for computing the index include ‘institutions’, ‘human capital and research’, ‘infrastructure’, ‘market sophistication’, ‘business sophistication’, ‘knowledge and technology outputs’ and ‘create outputs’.
Significance of GII
- The Global Innovation Index serves as a reliable tool for governments worldwide to assess the impact of innovation on their countries’ social and economic changes.
- It has become a policy tool for governments, helping them evaluate their innovation status and make informed decisions.
World Intellectual Property Organization (WIPO)
- WIPO is the global forum for intellectual property policy, services, information, and cooperation.
- It became a specialized agency of the United Nations (UN) in 1974.
- WIPO is headquartered in Geneva.