Oct 11, 2024
GLOBAL INNOVATION INDEX 2024:INDIA RANKS@39
GLOBAL INNOVATION INDEX 2024:INDIA RANKS@39
The Global Innovation Index (GII) is an annual ranking of countries based on their capacity for and success in innovation. It serves as a tool for policymakers, business leaders, and other stakeholders to assess and improve their innovation ecosystems. The index provides insights into strengths and weaknesses in fostering innovation and aims to guide nations in enhancing their innovation-driven economic and social transformation.
KEY DETAILS ABOUT THE GLOBAL INNOVATION INDEX
1. Origin and Publishing Body
The GII was launched in 2007 and is published by the World Intellectual Property Organization (WIPO) in collaboration with Cornell University, INSEAD, and other research organizations. It is recognized globally as a reliable measure of innovation performance across economies.
2. Criteria and Methodology
The GII evaluates economies based on two main sub-indices: the Innovation Input Sub-Index and the Innovation Output Sub-Index. Each of these sub-indices is composed of several pillars:
• Innovation Input Sub-Index: Assesses factors influencing an economy’s innovation capabilities through five pillars:
• Institutions: Political, regulatory, and business environments.
• Human Capital and Research: Education, R&D, and overall skill levels.
• Infrastructure: ICT access, energy, and ecological sustainability.
• Market Sophistication: Access to credit, investment, and trade.
• Business Sophistication: Knowledge workers, innovation linkages, and business models.
• Innovation Output Sub-Index: Measures tangible results of innovation through two pillars:
• Knowledge and Technology Outputs: Patents, high-tech exports, and knowledge creation.
• Creative Outputs: Intangible assets, creative goods and services, and online creativity.
3. Data Sources
The GII uses both subjective and objective data from various sources, including the International Telecommunication Union (ITU), World Bank, World Economic Forum, and other academic and industry reports.
• Objective Data: Includes quantitative indicators like patent filings, R&D expenditure, and publication outputs.
• Subjective Data: Collected from surveys and expert opinions, assessing factors such as business environment and innovation linkages.
4. Scoring and Weightage
Each pillar contains up to five indicators, and the overall score is calculated by taking a weighted average of these indicators. The scores of the Innovation Input and Output Sub-Indices are combined to derive the final GII ranking for each economy.
5. Release Date and Frequency
The GII is released annually, with the latest edition being GII 2024. The data for each index is usually collected and analyzed throughout the year preceding the release.
6. Significance and Global Impact
The GII is widely recognized as an authoritative assessment tool for innovation performance. It helps countries identify areas for improvement, develop strategic plans, and foster competitive advantages in the global market. Governments and businesses often use the GII to align their policies and investments with identified global trends.
7. Criticisms
Despite its broad acceptance, the GII has faced criticism for including factors like “Ease of Paying Taxes” and “Electricity Output,” which some experts argue may not be directly linked to innovation. These elements are included to provide a holistic view of the economic environment impacting innovation.
INDIA’S PERFORMANCE IN THE GLOBAL INNOVATION INDEX 2024
India has made remarkable progress in the GII 2024, ranking 39th among 133 economies. This marks a consistent improvement, reflecting India’s growing emphasis on fostering an innovation-driven environment.
1. Current Rank: India ranks 39th globally and holds the top position among lower-middle-income economies.
2. Improvement Over the Years: India has jumped 42 spots in the past nine years, rising from the 81st position in 2015.
3. Regional Leadership: India leads among the 10 economies in Central and Southern Asia, highlighting its regional dominance.
4. Key Contributors: Major cities like Mumbai, Delhi, Bengaluru, and Chennai are among the world’s top 100 Science and Technology (S&T) clusters, recognized for their contributions to research and development.
5. Significance: India’s performance in the GII showcases its growing capability to innovate, driven by strong leadership, a dynamic start-up ecosystem, and significant contributions from both public and private sectors. This recognition positions India as a leading force in global innovation, particularly among developing economies.