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India has reached the 40th rank in the Global Innovation Index of the World Intellectual Property Organization. Read below to know the significance and the top 10 countries of GII.
India ranks 40 in Global Innovation Index of World Intellectual Property Organization
India has reached the 40th rank in the Global Innovation Index of the World Intellectual Property Organization. This is a great leap of 41 places in 7 years. India was at 81 positions in 2015 and 40th in 2022. India has also maintained 1st rank in ICT services exports over the years. The last time when the GII ranking was done, India stood in the 45th position. The country has come a long way and there are even more heights to scale. What is the significance of India’s rank in GII? Global Innovative Index represents the most innovative economies in the world. The ranking of a country is based on certain indicators such as its success and capacity for innovation. This ranking depends on both objective and subjective data derived from various sources. The ranking can help India to develop more innovative and creative ideas for the economical development of country. The country can level up its start-up financing in distinct fields such as science and engineering, domestic industry diversifications, and labour productivity growth. What did Union Minister Piyush Goyal say on the launch of GII? The minister said that GII has come forward as a tool for Governments worldwide to show policies and their impact. Piyush Goyal expressed his gratitude on the behalf of all Indians to WIPO and said that the country desires to take the ranking amongst the top 25. He also shared his views of innovation saying that innovation implies novelty. It is a catalytic force for the economy and society and innovation is rooted in tradition for people in India. Ancient scientific knowledge such as Vedas and traditional medicines are an example of the innovative spirit of India. Piyush Goyal said that the energy and enthusiasm of Indian youth are enabling the start-up ecosystem. He said that India had embarked on the “Digital India” journey in 2015 and has stated a goal of a trillion-dollar digital economy in the coming years. List of top 10 countries in the Global Innovation Index 2022 Switzerland United States Sweden United Kingdom Netherlands Republic of Korea Singapore Germany Finland Denmark What do you mean by Global Innovation Index? Global Innovation Index(GII) tracks the most innovative trends against the ongoing covid-19 pandemic. It looks after the growth of innovative ideas and methods with respect to the slowing productivity growth due to Covid and other evolving challenges. The distinct metrics that the GII offers help to check performance and benchmark developments against economies within the same region or income group.