India recently improved its position to 39th among 133 global economies in the Global Innovation Index 2024, published by the World Intellectual Property Organization (WIPO).
Highlights of the Global Innovation Index 2024:
- The GII measures innovation based on various criteria, including institutions, human capital and research, infrastructure, investment, and creative outputs.
- Top Performers: Switzerland, Sweden, the United States, Singapore, and the United Kingdom lead the rankings.
- Fastest Climbers: China, Turkiye, India, Viet Nam, and the Philippines are noted as the fastest climbers over the past decade.
India’s Performance:
- India’s consistent improvement in the GII is attributed to its knowledge capital and vibrant startup ecosystem.
- India has shown significant improvement in the GII, rising from 81st in 2015 to 40th in 2023.
- India ranks first globally in ICT Services Exports category.
- Venture Capital and Intangible Assets saw a strong performance in attracting venture capital and showcasing high intangible asset intensity.
- India holds the 8th position globally for the number of unicorns.
- Atal Innovation Mission (AIM) enhances the innovation ecosystem across the country.
- Anusandhan National Research Foundation (ANRF) promotes a culture of research and innovation in universities and research institutions.
- Biotechnology Industry Research Assistance Council (BIRAC) strengthens emerging biotechnology enterprises to foster strategic research and innovation.
- National Research Foundation (NRF) announced under the National Education Policy 2020, it aims to fund interdisciplinary research in higher education institutions.
Challenges:
- There is a lack of integration between academia, industry, and government, leading to limited commercialization of research outputs.
- Despite having a large pool of STEM graduates, many lack the necessary skills for cutting-edge innovation, while skilled professionals often seek better opportunities abroad.
- Insufficient infrastructure in rural and semi-urban areas hampers the growth of innovative enterprises, and private sector participation in R&D remains limited.
- It is essential to encourage private sector involvement in R&D, particularly in emerging fields like Artificial Intelligence (AI), Internet of Things (IoT), Blockchain, and Quantum Computing.
About WIPO:
- The World Intellectual Property Organization (WIPO) is a self-funding agency of the United Nations, dedicated to serving innovators and creators worldwide.
- It ensures that their ideas are protected as they move to market, improving lives globally.
- WIPO has 193 member states, including both developing and developed nations, and became a UN specialized agency in 1974.
- Its headquarters are located in Geneva, Switzerland.
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Frequently Asked Question:
What is the Global Innovation Index (GII)?
The GII is a ranking that assesses the innovation capabilities of countries based on various indicators, including institutions, human capital, research, infrastructure, and creative outputs.
Who publishes the Global Innovation Index?
The GII is published by the World Intellectual Property Organization (WIPO), a specialized agency of the United Nations.
What factors contributed to India’s rise in the GII rankings?
India’s strengths in ICT services exports, venture capital received, and the presence of a vibrant startup ecosystem have significantly contributed to its improved ranking.