The Global Innovation Index 2021 was released recently.
About the Index:
Global Innovation Index (GII) is co-published annually by Cornell University, INSEAD Business School, and the World Intellectual Property Organization (WIPO), a specialized agency of the United Nations.
GII ranks global economies according to their innovation capabilities, including roughly 80 indicators, grouped into innovation inputs and outputs.
The metrics include institutions, human capital and research, infrastructure, market sophistication and business sophistication, knowledge and technology outputs and creative outputs.
Over the years, the GII has established itself as a policy tool for various governments and helped them to reflect upon the existing status quo.
Highlights of the Index :
India has climbed two spots and has been ranked 46th in the Global Innovation Index 2021 rankings (48 in GII 2020).
India has been on a rising trajectory over the past several years in the GII and rose from a rank of 81 in 2015 to 46 in 2021.
India ranks second among 34 lower middle-income group economies and first among the 10 economies in Central and Southern Asia.
The consistent improvement in the GII ranking is owing to the immense knowledge capital, the vibrant startup ecosystem and the work done by the public and the private research organisations.
The Scientific Departments like the Department of Atomic Energy; the Department of Science and Technology; the Department of Biotechnology and the Department of Space have played a pivotal role in enriching the National Innovation Ecosystem.
Switzerland, Sweden, U.S., and U.K. continue to lead the innovation ranking, and have all ranked in the top 5 in the past three years.