Global Innovation Index 2023: India retains 40th rank, Switzerland top spot

Global Innovation Index 2023: India retains 40th rank, Switzerland top spot

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Global Innovation Index 2023: India retains 40th rank, Switzerland top spot

Global Innovation Index-2023: India retains 40th rank out of 132 economies in the Global Innovation Index 2023 rankings published by the World Intellectual Property Organization (WIPO). Whereas in the GII ranking 2023, Switzerland is at first place, Sweden is at second and America is at third place.

Read Also: Indore became cleanest city for 6th time in a row; Surat retains second spot

India in GII Ranking 2023

According to the GII ranking 2023, India ranks 5th in Information and Communications Technology (ICT) services exports, 6th in venture capital received and 11th in graduates in science and engineering.

India ranked 13th as a global corporate R&D investor and 22nd in knowledge and technology output. Apart from this, Bharat is ranked 48th in human capital and research and 57th in the field of business sophistication. This ranking is the top ranking in Central and Southern Asia.

India has been on a rising trajectory, over the past several years in the Global Innovation Index (GII), from a rank of 81 in 2015 to 40 in 2023.

The consistent improvement in the GII ranking is owing to the immense knowledge capital, the vibrant start-up ecosystem, and the amazing work done by the public and private research organizations.

NITI Aayog has been working tirelessly to ensure the optimization of the national efforts for bringing policy-led innovation in different areas such as electric vehicles, biotechnology, nanotechnology, space, alternative energy sources, etc. It has also played a role in expanding the innovation ecosystem in states and districts. A constant thrust in monitoring and evaluating India’s position in the global rankings has been provided by the NITI Aayog, including in the GII.

India Launches Global Innovation Index (GII) 2023

The Confederation of Indian Industry (CII) has also been collaborating in India's journey towards an innovation-driven economy. This year, the NITI Aayog, in partnership with the CII and the World Intellectual Property Organisation (WIPO), is hosting, virtually, the India Launch of the Global Innovation Index (GII) 2023 on 29th September 2023.

About World Intellectual Property Organisation (WIPO)

The World Intellectual Property Organisation (WIPO) was established on 14 July 1967 as a self-financing agency with 193 member countries and is headquartered in Geneva. Although India was not a member at the time of its establishment.

World Intellectual Property Organisation: Aims 

The World Intellectual Property Organization (WIPO) aims to lead the development of a balanced and effective international IP system.

About Global Innovation Index 

The Global Innovation Index 2023 (GII), in its 16th edition this year released by the World Intellectual Property Organisation, is a reliable tool for governments across the world to assess the innovation-led social and economic changes in their respective countries and rank the countries accordingly.

Over the years, the GII has established itself as a policy tool for various governments and helped them to reflect upon the existing status quo.

Global Innovation Index: Parameters 

The Global Innovation Index (GII) 2023 is calculated as the average parameters  of two sub-indices. The Innovation Input Sub-Index 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 (see Framework). The Innovation Output Sub-Index captures the actual result of innovative activities within the economy and is divided in two pillars: (6) Knowledge and technology outputs and (7) Creative outputs.

Global Innovation Index 2023: Top 20 countries global rankings

1. Switzerland
2. Sweden
3. United States of America
4. United Kingdom
5. Singapore
6. Finland
7. Netherlands
8. Germany
9. Denmark
10. Republic of Korea
11. France
12. China
13. Japan
14. Israel
15. Canada
16. Estonia
17. Hong Kong, China
18. Austria
19. Norway
20. Iceland
40. India (Bharat)