- The latest Global Innovation index rankings, released in New York, giving insight into various nations’ innovation capabilities.
- The rankings put India at 57th position and China at 17th in 2018 as compared to their 2017 rankings of 60th and 22nd respectively.
- Switzerland retained its number-one spot in the GII ranking and figured with Netherlands, Sweden, the United Kingdom, Singapore, United States of America, Finland, Denmark, Germany and Ireland in the list of top 10 nations
Global Innovation Index
- The Global Innovation Index (GII) aims to capture the multi-dimensional facets of innovation and provide the tools that can assist in tailoring policies to promote long-term output growth, improved productivity, and job growth.
- The global ranking is published by the World Intellectual Property Organisation (WIPO) – a specialized agency of the United Nations – in association with Cornell University and graduate business school INSEAD.
- GII is published annually since 2007.
- It is considered a leading benchmarking tool for business executives, policy makers and others seeking insight into the state of innovation around the world. It is being used by them to evaluate progress on a continual basis.
- GII ranks 126 economies based on 80 indicators, ranging from intellectual property filing rates to R&D, mobile application creation, online creativity, computer software spending, education spending, scientific & technical publications and ease of starting business.
India’s GII ranking
- India has been steadily improving its GII ranking in the last four years, after a precipitous drop in 2014 and 2015.
- India maintains its top place in the central and south Asia region, consistently moving up on global ranking from 81st in 2015 to 57th this year.
- It ranked at 66th position in 2016 and 60th last year.
- India is a top performer in the lower middle income group.
- In the indicators that capture the quality of innovation inputs and outputs, India is ranked second after China in the lower and upper middle income group combined.
- India has, in fact, outperformed on innovation relative to its GDP per capita for eight years in a row.
What are the strengths of India which has helped in improving its ranking?
- India’s human capital (graduates in science & engineering)
- Growth rate of GDP per worker
- Exports of information and communication technology (ICT) and services
- Productivity growth
- Creative goods exports among others
What are the weaknesses of India which needs improvement?
- Political stability & safety
- Ease of starting business
- Overall education
- Environmental performance