In the Global Innovation Index 2023 rankings, India has retained its 40th position out of 132 economies. Published by the World Intellectual Property Organization (WIPO), this index provides governments with valuable insights into innovation-driven socio-economic changes. Notably, India is listed among the 21 economies that have consistently improved their innovation performance relative to their level of development for 13 consecutive years. Key strengths for India include Human capital and research, Business sophistication, and Knowledge and technology outputs. The top five countries in the index are Switzerland, Sweden, the United States, the United Kingdom, and Singapore.
Facts/Terms for UPSC Prelims
- NITI Aayog: NITI Aayog (National Institution for Transforming India) is a policy think tank of the Government of India, responsible for formulating strategies and policies for economic and social development.
- Central and Southern Asia Region: This region includes countries in South Asia and parts of Central Asia. India’s ranking within this region highlights its innovation performance compared to neighboring countries.
- ICT Services Exports: ICT stands for Information and Communication Technology. India’s strong indicator in ICT services exports signifies its role in the global IT and software services industry.
- Venture Capital: Venture capital is a form of private equity funding provided to startups and small businesses with high growth potential. India’s ranking in venture capital reflects its entrepreneurial ecosystem.
- World Intellectual Property Organisation (WIPO): WIPO is a United Nations specialized agency that promotes and protects intellectual property rights globally. It plays a crucial role in encouraging creativity and innovation.
