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India climbs to the 40th rank in the Global Innovation Index of WIPO (World Intellectual Property Organization), a huge leap of 41 places in 7 years. India has advanced into the top 40 economies in the world among 132 nations, up six places from the previous year, and has taken the top spot among 36 lower middle-income group economies, according to the 2022 global innovation index published by the World Intellectual Property Organization (WIPO).
Moving into its 15th edition in 2022, the Global Innovation Index has been a leading reference for measuring an economy’s innovation performance. The GII is used by many nations to evaluate and enhance their innovation ecosystems and as a resource in their economic goals and/or policies.
Global Innovation Index 2022
India ranked 40th in 2022 after ranking 81st in 2015. According to the annual report published on September 29 by the World Intellectual Property Organization (WIPO), India has for the first time made notable advancements in the global innovation index rating, landing a spot in the top 40.
The Global Innovation Index (GII) is an annual ranking of countries by their capacity for, and success in, innovation. A leading indication of an economy’s capacity for innovation is the Global Innovation Index (GII), which has been around for a while. The GII is used by many nations to evaluate and improve their innovation ecosystems as well as to serve as a resource for economic policies and/or rules.
Prime Minister Narendra Modi tweeted about India’s development as a major economy, “Innovation is the buzzword across India. Proud of our innovators. We have come a long way and want to scale even newer heights.”
About Global Innovation Index (GII)
- Developed by Cornell University, INSEAD and World Intellectual Property Organisation, the Global Innovation Index (GII) is a ranking of countries based on certain indicators like their success and capacity in innovation.
- The Global Innovation Index (GII) tracks the most recent global innovation trends against the background of an ongoing COVID-19 pandemic, slowing productivity growth and other evolving challenges.
- The Global Innovation Index is an annual ranking of countries by their capacity for, and success in, innovation.
- The Global Innovation Index (GII) is published yearly by the World Intellectual Property Organisation (WIPO).
- The GII ranks 131 countries based on 81 indicators. This index was started in 2007 by INSEAD and world business, which is a British magazine.
- It reveals the most innovative economies in the world, ranking the innovation performance of around 132 economies while highlighting innovation strengths and weaknesses.
- The different metrics that the GII offers help to monitor performance and benchmark developments against economies within the same region or income group.
- It was created by Prof. Soumitra Dutta.
- 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.
- WIPO was established by the WIPO Convention in 1967 with its headquarters in Geneva, Switzerland. The Director General of WIPO then is Francis Gurry.
- WIPO is the world’s center for information, cooperation, and intellectual property (IP) services.
- The mission of WIPO is to develop a balanced and accessible international intellectual property (IP) system, which rewards creativity, stimulates innovation and contributes to economic development while safeguarding the public interest.
- WIPO Membership with 193 member states, WIPO is a self-supporting organization of the UN.
- WIPO has a mandate from its Member States to encourage the protection of IP globally by working with other international organisations and cooperating with states.
- India is a member of World Intellectual Property Organization a specialized agency of UN in the area of Intellectual Property. The nodal activities related to WIPO were transferred to this Department from Department of Higher Education in 2005.
- WIPO provide human capacity building across the full spectrum of intellectual property (IP) rights: patents, trademarks, industrial designs, geographical indications and copyright. Training takes place through in-depth programs offered by the WIPO Academy or tailor-made technical workshops.
- The member states of the World Intellectual Property Organization (WIPO) on May 8, 2020, appointed by consensus Mr. Daren Tang as the Organization’s next Director General, with Mr. Tang’s six-year term beginning on October 1, 2020.
Significance of India’s rank in GII
- The world’s most inventive economies are represented by the Global Innovative Index.
- A nation’s rating is determined by a number of factors, including its success and ability for innovation.
- This ranking is based on a variety of subjective and objective data points.
- India may be able to generate more original and creative ideas as a result of the rating for the country’s economic growth.
- The nation can raise the bar on startup finance in several industries like engineering and science, domestic industry diversification, and labour productivity growth.
Global Innovation Index: List of top 10 countries
Switzerland is the most inventive economy in the world in 2022 for the 12th consecutive year, The United States (US) took second place, followed by Sweden, the UK, and the Netherlands. China is closing in on the top 10, while Turkey and India are making their debut appearances in the top 40, according to the GII 2022. India was ranked 46th in 2021.
For the 12th year running, Switzerland continues to top the world in innovation. It is the leader in the world in terms of innovation outputs, particularly when it comes to patents by country of origin, software spending, high-tech manufacturing, production, and export complexity.
|6||Republic of Korea|
Global Innovation Index: Conclusion
Soumitra Dutta, co-editor of Global Innovation Index and dean of Oxford University’s Said Business School, stated in a statement that, “As global supply networks experience shocks, innovation performance has increased for them. While Indonesia exhibits significant potential, Turkey and India are positively enhancing the world of innovation.”
India leads in innovation among countries with lower middle-income levels, according to a WIPO research. It continues to hold the top spot in the world for exports of information, communication, and technology (ICT) services and is at the top of the list for other metrics like venture capital receipt value, funding for startups and scaleups, science and engineering graduates, labour productivity growth, and domestic industry diversification.