India climbs to the 40th rank in the Global Innovation Index of WIPO; a huge leap of 41 places in 7 years

Source: The post is based on the article “India climbs to the 40th rank in the Global Innovation Index of WIPO; a huge leap of 41 places in 7 years” published in PIB on 30th September 2022.

What is the News?

The Global Innovation Index 2022 has been released by the World Intellectual Property Organization (WIPO).

What is the Global Innovation Index?

Published by: World Intellectual Property Organization (WIPO) annually

Aim: To track the most recent global innovation trends against the background of an ongoing COVID-19 pandemic, slowing productivity growth and other evolving challenges.

Parameters: The index is calculated as the average of two sub-indices.

– Innovation Input Sub-Index: It gauges elements of the economy that enable and facilitate innovative activities and is grouped into five pillars: (1) Institutions, (2) Human capital and research, (3) Infrastructure, (4) Market sophistication, and (5) Business sophistication.

– Innovation Output Sub-Index: It captures the actual result of innovative activities within the economy and is divided into two pillars: (6) Knowledge and technology outputs and (7) Creative outputs.

What are the key findings of the index?

India: India has been ranked at the 40th position in the index in 2022. This is the first time India has entered the top 40. In 2021, India was in the 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 indicators like venture capital receipt value, finance for startups, graduates in science and engineering and domestic industry diversification.

Topped by: Switzerland has emerged as the world’s most innovative economy for the 12th consecutive year.

– The second position was secured by the United States (US) followed by Sweden, the United Kingdom (UK) and the Netherlands.