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Global Innovation Index 2021

Context:

India has climbed two spots and has been ranked 46th in the Global Innovation Index (GII) 2021 rankings.

Relevance:

GS-III: Indian Economy (Growth and Development of Indian Economy, Issues related to Development, Important International Organizations and their reports)

Dimensions of the Article:

  1. What is Global Innovation Index (GII)?
  2. About World Intellectual Property Organization (WIPO)
  3. Highlights of the Global Innovation Index 2021

What is Global Innovation Index (GII)?

  • The Global Innovation Index (GII) is an annual ranking of countries by their capacity for, and success in, innovation. It is published by Cornell University, INSEAD, and the World Intellectual Property Organization, in partnership with other organisations and institutions, and 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 aims to capture the multi-dimensional facets of innovation ranking and rich analysis referencing around 132 economies.
  • The GII is commonly used by corporate and government officials to compare countries by their level of innovation.
  • The GII is computed by taking a simple average of the scores in two sub-indices, the Innovation Input Index and Innovation Output Index, which are composed of five and two pillars respectively.
  • Innovation inputs: Institutions; Human capital and research; Infrastructure; Market sophistication; Business sophistication.
  • Innovation outputs: Knowledge and technology outputs; Creative outputs
  • Each of these pillars describe an attribute of innovation, and comprise up to five indicators, and their score is calculated by the weighted average method.

About World Intellectual Property Organization (WIPO)

  • The World Intellectual Property Organization (WIPO) is one of the 15 specialized agencies of the United Nations (UN) – headquartered in Geneva, Switzerland.
  • WIPO was created to promote and protect intellectual property (IP) across the world by cooperating with countries as well as international organizations.
  • WIPO’s activities including hosting forums to discuss and shape international IP rules and policies, providing global services that register and protect IP in different countries, resolving transboundary IP disputes, helping connect IP systems through uniform standards and infrastructure, and serving as a general reference database on all IP matters.
  • WIPO also works with governments, nongovernmental organizations (NGOs), and individuals to utilize IP for socioeconomic development.

Highlights of the Global Innovation Index 2021

  • Switzerland > Sweden > U.S. > U.K. continue to lead the innovation ranking, and have all ranked in the top 5 in the past three years. The Republic of Korea joins the top 5 of the GII for the first time in 2021.
  • Four Asian economies feature in the top 15: Singapore (8), China (12), Japan (13) and Hong Kong, China (14).
  • India has shot up from a rank of 81 in 2015 to 46 in 2021. India has been on an upward trajectory over the past few years in the GII.
  • India ranks 2nd among the 34 lower middle-income group economies.
  • India ranks 1st among the 10 economies in Central and Southern Asia.
  • India performs better in innovation outputs than innovation inputs in 2021.
  • India, Kenya, the Republic of Moldova, and Vietnam hold the record for overperforming on innovation relative to their level of development for the 11th year in a row.
  • Investments in innovation reached an all-time high in the world before the pandemic with R&D growing at an exceptional rate of 8.5% in 2019.

-Source: Business Standard

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