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Global Innovation Index 2022

Context:

The Prime Minister has expressed pride for Indian Innovators as India climbs to the 40th rank in  the Global Innovation Index of World Intellectual Property Organization (WIPO).

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 2022

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 2022

  • India has leapfrogged to 40th position on the Global Innovation Index (GII) 2022 from the 81st spot in 2015. The country was ranked 46th on the index last year.
  • Switzerland is the most innovative economy in the world in 2022 – for the 12 th year in a row – followed by the United States, Sweden, the United Kingdom and the Netherlands.
  • China is nearing the top 10 while Türkiye and India enter the top 40 for the first time, according to the GII 2022.
  • According to the report, India continues to lead the world in ICT services exports, ranking first, while also ranking first in other indicators such as Venture capital recipients’ value (6th), Domestic industry diversification (14th).
  • Graduates in science and engineering (11th), Labor productivity growth (12th), and Finance for startups and scaleups (8th)
  • The GII report also said research and development (R&D) and other investments that drive worldwide innovative activity continued to boom in 2021 despite the Covid-19 pandemic, but challenges are emerging in translating innovation investments into impact.

-Source: Times now, PIB


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