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, using 80+ indicators.
- 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.
- The Global Innovation Index 2022 which was released in 2022 tracked global innovation trends against the background of COVID-19 pandemic, slowing productivity growth and other evolving challenges.
- The GII revealed the most innovative economies in the world, ranking the innovation performance of 132 economies.
Highlights of the Index
- Switzerland, the United States, Sweden, the United Kingdom and the Netherlands are the world’s most-innovative economies as per GII 2022.
- Emerging economies are showing consistently strong performance, with India jumping to the 40th position. India, for the first time, made it to the top 40 countries at the Index. In the 2021 Index, India was placed at 46th position.
- India is the innovation leader in the lower middle-income group. It continues to lead the world in ICT services exports and holds top rankings in other indicators, including venture capital receipt value, finance for startups and scaleups, graduates in science and engineering, labor productivity growth and domestic industry diversification.
- The report noted that despite the COVID-19 pandemic, the research and development (R&D) and other investments that drive worldwide innovative activity continued to boom in 2021, however challenges are emerging in translating innovation investments into impact.
Why in News?
- Union Minister Dr Jitendra Singh said that having leapfrogged from 81st (in 2015) to 40th in the Global Innovation Index 2022, the country must aspire to be in the top 25 in the near term and in the top five by 2047.