An essential resource for assessing an economy’s success in terms of innovation is the Global Innovation Index, which is released yearly. Numerous nations utilise the GII to evaluate and enhance their initiatives and as a resource in their economic goals and policies. The UN Economic and Social Council have acknowledged the GII as a reliable standard for evaluating innovation in connection to the Sustainable Development Goals in its 2019 statement on research, innovation, and technology for development.
Measures of the index
Organisations, human resources and innovation, infrastructure, market expertise, business intelligence, technology and knowledge outputs, and creative outputs are some factors used to calculate the index.
1. Effects of Two New Innovation Waves
Although it underlines that these effects might take time to materialise, the GII 2022 also lists the advantages of two innovation waves:
- A wave of innovation from the digital era based on automated processes, machine learning, and supercomputing. Making significant productivity improvements across all industries and scientific disciplines.
- Discoveries in biotechnology, nanotechnology, novel materials, and other disciplines were the foundation for a Deep Science revolutionary surge. Effect: Revolutionising advancements in food, ecology, transportation, and health (four fields of crucial importance to society).
2. Rating of the Nations
- For the 12th consecutive year, Switzerland has the most creative economy in the world, according to a ranking of the countries. The United States of America, Sweden, the United Kingdom, and the Netherlands trail it.
- China is closing in on the top 10 leading nations, while India makes their maiden appearance in the top 40.
3. India’s performance
- Among countries with lower middle incomes, India is leading in innovation, and India Secured rank 40.
- It maintains its global leadership in the exportation of Digital services and top positions in several other metrics, including venture capital receiving value, funding for businesses and scaleups, engineering and science graduates, labour productivity growth, and domestic sector diversification.
What initiatives is India taking in this area?
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Digital India
India started the “Digital India” initiative in 2015 to build a trillion-dollar digital infrastructure within the next few years. Several fields leverage digital technologies, such as visualising capital assets using GIS and transforming payments via the Unified Payments Interface (UPI). India accounted for 40% of all real-time digital transactions worldwide in 2021.
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National Education Policy 2020
The National Education Policy, which fostered the spirit of inquiry by establishing innovation & technology development centres, was launched to enhance innovation further.
Over 8500 Atal Tinkering Laboratories empower young people to create answers to societal challenges. Additionally, India has implemented structural reforms in intellectual property rights (IPR) to help bolster its IPR policy. These reforms include modernising IP offices, lowering legal compliance requirements, and simplifying the IP filing process for start-up businesses, women entrepreneurs, small businesses, and others. There has been a 46% increase in domestic patent filings in the past five years.
