Global Innovation Index

Global Innovation Index

News: The World Intellectual Property Organization (WIPO) recently released the Global Innovation Index (GII) 2022 where India was ranked 40th out of 132 countries. India’s rankings have improved considerably over the past few years (46th in 2021, 81st in 2015). 

About:
• The Global Innovation Index (GII) is an annual ranking of countries by their capacity for, and success in, innovation.
• It is published by Cornell University, INSEAD, and the World Intellectual Property Organization, in partnership with other organizations and institutions, and is based on both subjective and objective data derived from several sources, including the International Telecommunication Union, the World Bank and the World Economic Forum.
• The overall GII scoreis the simple average of the Innovation Input and Output Sub-Index scores. Both input and output scores are governed by a few pillars.
• The Innovation Output Sub-Indexprovides information about outputs that are the results of innovative activities within the economy. There are two output pillars - Knowledge and technology outputs and

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  Creative outputs.
  • The Innovation Efficiency Ratiois the ratio of the Output Sub-Index score over the Input Sub-Index score. It shows how much innovation output a given country is getting for its inputs.
  
  
  Key Highlights:
  • The Global Innovation Index has been a leading reference for measuring an economy’s innovation performance.
  • India is the innovation leader in the lower middle-income group.It continues to lead the world in ICT services exports and holds top rankings in other indicators, including venture capital receipt value, finance for startups and scale-ups, graduates in science and engineering, labor productivity growth and domestic industry diversification.
  • Switzerland is the most innovative economy in the world in 2022 for the 12th year in a row followed by the United States, Sweden, the United Kingdom and the Netherlands.China is nearing the top 10 while Türkiye and India enter the top 40 for the first time.
  • This edition's thematic focus is on the future of innovation-driven growth provides a stance on whether stagnation and low productivity growth are here to stay, or whether we are about to enter a new era, where new innovation spurts the Digital Age and the Deep Science Innovation waves bring about an economic uplift.