The Global Innovation Index (GII) 2020 was released by the World Intellectual Property Organisation (WIPO), with India securing 48th place, rising four places from its 52nd position in 2019. This marks an upward trend in India’s innovation capability over the last five years.
The Top Innovators
The GII ranks countries based on their innovation capability. The top five countries in the 2020 index are Switzerland, Sweden, the USA, the UK, and the Netherlands. However, a noteworthy trend signals a gradual shift of innovation towards the east, with various Asian economies making significant progress.
China, India, the Philippines, and Vietnam have made notable strides on the innovation front, all successfully establishing themselves among the top 50 innovative countries. Currently, China holds the 14th position, being the only middle-income economy in the top 30.
India’s Innovation Achievements
Among the central and southern Asian countries, India is leading in innovation, showcasing consistent progress year after year. Globally, it is the third most innovative lower-middle-income economy. Notably, it ranks within the top 15 for Information and Communication Technology services exports, government online services, science and engineering graduates, and Research and Development-intensive global companies.
The country has seen significant improvements in institutions (61st), business sophistication (55th), and creative outputs (64th). This continued progress can be attributed to India’s robust knowledge capital, a thriving startup ecosystem and commendable work from public and private research organisations.
The India Innovation Index 2019
NITI Aayog, a policy think tank of the Indian government, introduced the India Innovation Index in 2019. This initiative, which decentralizes innovation across all Indian states, has been recognized as a significant step towards fostering local innovation.
About the Global Innovation Index
The GII offers comprehensive insights into the innovation performance of 131 countries and economies worldwide. It examines a wide range of aspects, including political environment, education, infrastructure, and business sophistication, based on 80 different indicators. Cornell University, INSEAD, and WIPO publish the index annually.
2020 Theme: Financing Innovation
The theme for GII 2020 is “Who will Finance Innovation?”. The index presents an analysis of the current status of innovation financing, examining its evolution, progress, and the challenges that persist.
This review on the Global Innovation Index 2020, which covered India’s position and other key points, was sourced from Times of India.