Global Innovation Index 2023

Why in news?

• Global Innovation Index 2023 has been published by the World Intellectual Property Organization.

About Global Innovation Index:

• It is published by the ??World Intellectual Property Organization (WIPO) in partnership with the Portulans Institute and with the support of corporate network partners.
• GII continued to be co-published by Cornell University, INSEAD and WIPO up to 2020.
• The index ranks 132 world economies according to their innovation capabilities.

Indicators used:

• The index ranks countries based on roughly 80 indicators which are:
  • Innovation Input Sub-Index:
    • Five input pillars capture elements of the economy that enable and facilitate innovative activities.
  • Innovation Output Sub-Index:
    • Innovation outputs are the result of innovative activities within the economy. Although the Output Sub-Index includes only two pillars, it carries the same weight as the Input Sub-Index in calculating the overall GII scores.
• The overall GII score is the average of the Input and Output Sub-Indices, on which the GII economy rankings are then produced.

Key findings of Innovation Index 2023:

• Top Five countries: 
  • Switzerland, Sweden, the United States, the United Kingdom and Singapore are the world’s most innovative economies in 2023.
• India: 
  • India has maintained its 40th rank in the Global Innovation Index (GII) 2023. In 2015, India stood at the 81st spot and has been rising in the past eight years.
  • India ranked first among the 37 lower-middle group of income and first among the 10 economies in Central and South America.
  • India holds top rankings in key indicators such as:
    • ICT services exports (5th rank), flow of venture capital (6), graduates in science and engineering (11) and global corporate R&D investors (13).
  • The areas where India needs to improve a lot are:
    •  infrastructure (84th rank), business sophistication (57) and institutions (56).

PRACTICE QUESTION:

Global Innovation Index is published by:

(a) World Intellectual Property Organization

(b) International Monetary Fund

(c) World Economic Forum

(d) World Bank

Answer