Global Innovation Index

Global Innovation Index

News: Global Innovation Index 2023 was published by the World Intellectual Property Organization.

About WIPO:
• The World Intellectual Property Organization (WIPO) is the global forum for intellectual property policy, services, information and cooperation.
• A specialized agency of the United Nations, WIPO assists its 193 member states in developing a balanced international IP legal framework to meet society's evolving needs.
• It provides business services for obtaining IP rights in multiple countries and resolving disputes. It delivers capacity-building programs to help developing countries benefit from using IP. And it provides free access to unique knowledge banks of IP information.

What is Global Innovation Index?
• The Global Innovation Index 2023 (GII), in its 16th edition this year, is published by WIPO in partnership with the Portulans Institute, which is supported by its Corporate and Academic Network partners.
• Published annually, the core of the GII provides performance measures and ranks some 130-plus economies on their innovation ecosystems.

Structure:
• The GII 2023 is calculated as the average of two sub-indices.
• The Innovation Input Sub-Index gauges elements of the economy that enable and facilitate innovative activities and is grouped into five pillars: (1) Institutions, (2) Human capital and research, (3) Infrastructure, (4) Market sophistication, and (5) Business sophistication.
• The Innovation Output Sub-Index captures the actual result of innovative activities within the economy and is divided in two pillars: (6) Knowledge and technology outputs and (7) Creative outputs.

Key Findings:
• Top Five countries - Switzerland, Sweden, the United States, the United Kingdom and Singapore are the world’s most innovative economies in 2023.
• India - India has maintained its 40th rank in the Global Innovation Index (GII) 2023. In 2015, India stood at the 81st spot and has been rising in the past eight years.
• India ranked first among the 37 lower-middle group of income and first among the 10 economies in Central and South America.
• India holds top rankings in key indicators such as: ICT services exports (5th rank), flow of venture capital (6), graduates in science and engineering (11) and global corporate R&D investors (13).
• The areas where India needs to improve a lot are infrastructure (84th rank), business sophistication (57) and institutions (56).