Global Innovation Index

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Context

• India, for the first time, made it to the top 40 countries at the Global Innovation Index (GII).

GII

• The Global Innovation Index is an annual ranking of countries by their capacity for, and success in, innovation. It was started in 2007 by INSEAD and World Business- a British magazine.
• It is published by the World Intellectual Property Organization, in partnership with Cornell University, INSEAD, and other organisations and institutions.
• It 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 GII reveals the most innovative economies in the world, ranking the innovation performance of 132 economies.
• The 2022 edition of the GII tracks the most recent global innovation trends against the background of an ongoing COVID-19 pandemic, slowing productivity growth and other evolving challenges. Theme: What is the future of innovation-driven growth?

India’s ranking in GII 2022

• India, for the first time, made it to the top 40 countries at the Global Innovation Index (GII). This was led by improvement in information and communication technologies (ICT) services exports, venture capital recipients’ value, and finance for startups.
• India’s ranking made it to the top most innovative lower middle-income economy in the world, overtaking Vietnam.
• In Central and Southern Asia, India ranked highest among three in the “most innovation economies” followed by Iran and Uzbekistan.

Indicators

India continues to lead the world in the ICT services exports indicator with the first rank while holding top rankings in other indicators, including

1. Venture capital recipients’ value (6th),
2. Finance for startups and scaleups (8th),
3. Graduates in science and engineering (11th),
4. Labor productivity growth (12th) and
5. Domestic industry diversification (14th).

Final Thought

• India's continuous rise in GII rankings is due to the progressive initiatives by the government and industry working together.

https://economictimes.indiatimes.com/news/economy/indicators/india-breaks-into-top-40-innovative-nations-ranking/articleshow/94540108.cms