September 8, 2020
India ascends to the 48th position in Global Innovation Index (GII), 2020.
The bearings of innovation gradually shifting to the eastern world.
India is now the 3rd most innovative lower middle-income economy in the world.
India ranks in the top 15 in indicators such as ICT services exports, R&D and others.
What seems to be a silver lining in the dark tumultuous clouds cast by the COVID-19 pandemic, is the ascension of India in the Global Innovation Index (GII). Amongst the 131 other countries, listed in the GII, India is currently at the 48th position as compared to its 52nd place last year, and is in fact the topmost among nations in Central and South Asia. The country also found its place among top three most innovative countries in the lower middle-income economy band and ranked in the top 15 in indicators such as ICT(Information & Communication Technology) services exports, government online services, graduates in science and engineering and research & development intensive global companies. The listed countries are analysed based on certain metrics which include institutions, human capital and research, infrastructure, market and business sophistication, knowledge, technology and creative outputs.
The Global Innovation Index commemorates a 10-year old long partnership between Cornell University, INSEAD and the World Intellectual Property (WIPO), through which it has fostered innovation and policies. This year’s GII report provides valuable insight into each country’s innovation model and each country’s position on various innovation indicators, which has been pivotal in shaping the nation’s policies and devising an agenda for innovational excellence. The idea is to harness and foster innovative ideas from all over the world. The GII report plays a prominent role in accelerating India’s journey towards the future
As the world is struggling to cope with the social and economic implications of the COVID-19 crisis, innovation, primarily medical innovation has become the need of the hour. To fructify these innovations, financial support plays a vital role. India’s Department of Scientific and Industrial research (DSIR), provides various fiscal incentives for R&D activities by institutions, academia and industry for supporting innovation. To create an ecosystem which breeds innovation, the Government of India has launched several initiatives like the Start-up India initiative, Accelerating Growth of New India’s Innovations (AGNIi), Atal Tinkering Labs, new intellectual property rights (IPR) policy, Smart City Mission, Uchchatar Avishkaar Yojana, etc. Together with research and innovations from institutions, industry and society, these initiatives are propelling India as an innovation and knowledge hub.
The coronavirus disease (COVID-19) has caused widespread disruption of lives and livelihoods across the globe. As the world adjusts to its new normal, business leaders must harness innovative technologies to help drive resilience and emerge from the crisis stronger.