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Global Innovative Index (GII)
Context:
India climbed to 39th in the 2024 Global Innovation Index, up from 40th last year, with a score of 38.3 out of 133 economies.
More on News:
- The report identifies India as the leading innovation economy in the Central and Southern Asian region.
- It notes India’s strong performance among lower-middle-income countries, surpassing innovation expectations for its development level.
Key Highlights:
- India’s score under the Institutions parameter decreased from 53.9 to 51.5, although its rank improved from 56 to 54.
- Its rank for Knowledge and Technology Outputs remained unchanged at 22nd, with a score decline from 39.7 to 38.8.
- In contrast, Switzerland topped the GII 2024 rankings for the 14th consecutive year with a score of 67.5, followed by Sweden and the U.S. in second and third places with scores of 64.5 and 62.4, respectively.
India’s Gross Expenditure on Research and Development (GERD) as percentage of GDP remained at 0.66% and 0.64% during the years 2019–20 and 2020–21, respectively. India’s per capita R&D expenditure has increased to current PPP$ 42.0 in 2020–21 from current PPP$ 29.2 in 2007–08.
About GII:
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- The Global Innovation Index (GII) is an annual ranking that evaluates the innovation capabilities and performance of countries worldwide.
- Established in 2007 by INSEAD and the World Business magazine, it is now published by the World Intellectual Property Organisation (WIPO) and is based on a comprehensive set of indicators that measure various aspects of innovation.
- The GII aims to provide insights into the innovation landscape of different economies, helping policymakers assess their innovation ecosystems and identify areas for improvement.
The index comprises approximately 80 indicators grouped into categories such as:
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- Institutions: Political environment, regulatory quality.
- Human Capital and Research: Education levels, research and development (R&D) investments.
- Infrastructure: Quality of infrastructure supporting innovation.
- Market Sophistication: Availability of financial services and market conditions.
- Business Sophistication: Knowledge workers, innovation linkages.
- Knowledge and Technology Outputs: Patents, scientific publications.
- Creative Outputs: Creative goods and services, online creativity.
Significance:
- Benchmarking: Allows governments to compare their innovation performance against other nations.
- Strengths and Weaknesses: Helps identify areas for improvement within innovation systems.
- Policy Formulation: Aids in creating policies that enhance economic resilience through innovation.