India has climbed 4 spots and has been ranked 48th by the World Intellectual Property Organisation in the Global Innovation Index 2020 rankings.
- India was at the 52nd position in 2019 and was ranked 81st in the year 2015. It is a remarkable achievement to be in a league of highly innovative developed nations all over the globe.
- The WIPO had also accepted India as one of the leading innovation achievers of 2019 in the central and southern Asian region, as it has shown a consistent improvement in its innovation ranking for the last 5 years.
- India is also the third most innovative lower middle-income economy in the world, ranking in the top 15 in indicators such as ICT services exports, government online services, graduates in science and engineering, and R&D-intensive global companies.
About Global Innovation Index
- 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 organisations and institutions.
- The index was started in 2007 by INSEAD and World Business, a British magazine. The GII is commonly used by corporate and government officials to compare countries by their level of innovation.
- The theme for this year’s GII was ‘Who Will Finance Innovation?’ It looked to see how the fall out from the COVID-19 pandemic would affect several sections of funding innovation including, startups, venture capital, and other traditional sources of innovation financing.
- Switzerland, Sweden, US, UK and Netherlands topped the annual ranking this year. As per the organisation, India, China, the Philippines, and Vietnam have been the economies with the most significant progress in their GII innovation ranking over the years. All four are now in the top 50.
About India Innovation Index
- NITI Aayog and Institute for Competitiveness prepared the India Innovation Index in the year 2019 on the basis of its two dimensions – Performance and Enablers.
- The Enablers are the factors that underpin innovative capacities, grouped in five pillars – Human Capital, Investment, Knowledge Workers, Business Environment, and Safety and Legal Environment.
- The Performance dimension captures benefits that a nation derives from the inputs, divided in two pillars – Knowledge Output and Knowledge Diffusion.
- Karnataka emerged topper in the overall rankings in the category of major states. with Tamil Nadu and Maharashtra in the second and third positions.