GLOBAL INNOVATION INDEX 2021

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Recently, India has climbed two spots and has been ranked 46th in the Global Innovation Index (GII) 2021 rankings.

Important points:

• The GII is launched by the World Intellectual Property Organization (WIPO), a specialized agency of the United Nations.
• The GII aims to capture the multi-dimensional facets of innovation ranking and rich analysis referencing around 132 economies.
• It is published in partnership with the Portulans Institute and other corporate partners:
• The Brazilian National Confederation of Industry (CNI), Confederation of Indian Industry (CII) Ecopetrol (Colombia) and the Turkish Exporters Assembly (TIM).
• The index ranks world economies according to their innovation capabilities and consists of roughly 80 indicators grouped into innovation inputs and outputs.
• Institutions; Human capital and research; Infrastructure; Market sophistication; Business sophistication.
• Knowledge and technology outputs; Creative outputs

Global Performance:

1. Top Five: 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.
2. The Republic of Korea joins the top 5 of the GII for the first time in 2021.
3. Asian Countries: Four Asian economies feature in the top 15: Singapore (8), China (12), Japan (13) and Hong Kong, China (14).

India’s Performance:

• India has been on an upward trajectory over the past few years in the GII.
• India has shot up from a rank of 81 in 2015 to 46 in 2021.
• India performs better in innovation outputs than innovation inputs in 2021.
• This year India ranks 57th in innovation inputs, the same as last year but higher than 2019.
• As for innovation outputs, India ranks 45th. This position is the same as last year but higher than 2019.
• India ranks 2nd among the 34 lower middle-income group economies.
• India ranks 1st among the 10 economies in Central and Southern Asia.
• The government attributed the country’s improved performance to the departments of atomic energy, science and technology, biotechnology and space.

SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT