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India's Performance in Global Innovation Index 2023



  Oct 03, 2023

Global Innovation Index (GII), 2023 and India


Q1: What is the Global Innovation Index (GII)?

A: The Global Innovation Index (GII) is an annual report that assesses and ranks countries' innovation capabilities and performance. It provides valuable insights into a country's innovation ecosystem, including factors such as research and development, market sophistication, and knowledge outputs.
 

Q2: Who releases the GII report?

A: The GII report is released by Niti Aayog, in collaboration with the Confederation of Indian Industry (CII) and the World Intellectual Property Organization (WIPO), Geneva.
 

Q3: How has India's performance in the GII evolved over the years?

A: India's performance in the GII has shown significant improvement over the years. It has climbed from its 81st rank in 2015 to its current 40th position among 132 economies. This reflects India's consistent journey towards enhancing its innovation capabilities.
 

Q4: What does India's high ranking in the "Market Sophistication" category signify?

A: India's high ranking in the "Market Sophistication" category indicates its capability to participate effectively in advanced markets, utilize financial tools, understand consumer behavior, engage in global trade, and integrate technology. These factors collectively contribute to its innovation and economic growth.(Read On)
 

Q5: In which categories has India secured top positions in the GII?

 
A: India has secured the top spot in the "Domestic market scale, bn PPP$" indicator. Additionally, it ranks among the top 10 in several indicators, including "ICT Services exports, % total trade," "Venture capital received, value, % GDP," "Finance for start-ups and scale-ups," "Domestic industry diversification," "Unicorn valuation, % GDP," and "Intangible asset intensity, top 15%."
 

Q6: How has India's performance in "Innovation Outputs" improved?

A: India's performance in "Innovation Outputs" has improved as it proudly ranks 35th in this category, marking an improvement from the previous year. This reflects India's growing innovation excellence.
 

Q7: What is India's ranking in terms of tertiary graduates in science and engineering?

A: India has recorded 34 per cent of total tertiary graduates in science and engineering in 2021, ranking 11th in this indicator.
 

Q8: How does India perform in terms of Start-up Finance Recognition?

A: India's finance for start-ups and scale-ups earns it the 9th position in this category, highlighting its support for entrepreneurial ventures.
 

Q9: What is India's ranking in Venture Capital Performance?

A: India secures the 6th position in Venture Capital Performance, indicating its attractiveness for venture capital investments.
 

Market Sophistication

 

It is based on:

Financial Instruments: India's financial sector has evolved to include a wide range of sophisticated financial instruments such as derivatives, futures, and options. These tools are essential for risk management and investment strategies in advanced markets.
 
Access to Capital: India's capital markets, including stock exchanges and venture capital firms, provide diverse opportunities for businesses to raise funds. This facilitates innovation and growth in emerging and advanced industries.
 
Consumer Behavior Analysis: Market Sophistication also involves understanding consumer behavior and preferences. India's businesses may conduct in-depth market research and analysis to cater to the demands of diverse consumer segments.
 
Global Trade: India's ability to engage in international trade and establish partnerships with global corporations showcases its capacity to navigate complex global market dynamics.
 
Technological Integration: Integration of advanced technologies like e-commerce, AI, and big data analytics into the market ecosystem reflects a forward-looking approach in adapting to modern business practices.
 
In summary, India's high ranking in "Market Sophistication" indicates its capability to participate effectively in advanced markets, utilize financial tools, understand consumer behavior, engage in global trade, and integrate technology. These factors collectively contribute to its innovation and economic growth.


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