Global Innovation Index (GII) 2024

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Context: 

Global Innovation Index (GII) 2024 a report by the Geneva-based World Intellectual Property Organization has been released.

The Global Innovation Index (GII) 2024

It is a report that ranks the innovation performance of 133 economies. 

The GII 2024 highlights the strengths and weaknesses of each economy and provides a snapshot of global innovation trends

Global Innovation Index (GII) 2024 in the context of other countries 

The GII 2024 highlights Switzerland, Sweden, the United States, Singapore, and the United Kingdom as the world’s most innovative economies. 

China, Turkiye, India, Vietnam, and the Philippines emerged as the fastest climbers over the past decade.

In the ranking of over 130 economies, China reached the 11th position and remains the only middle-income economy in the GII top 30.

Global Innovation Index (GII) 2024 in the context of India 

India has moved up to the 39th position among 133 economies in the Global Innovation Index (GII) 2024, according to a report by the Geneva-based World Intellectual Property Organization. 

This is a substantial improvement from its standing of 81st in 2015.

India achieved these remarkable milestones: 

• 1st among 10 economies in Central and Southern Asia, 
• 1st among lower-middle-income economies, and 
• 4th in WIPO Science & Technology (S&T) Cluster Ranking.

Major cities such as Mumbai, Delhi, Bengaluru, and Chennai are ranked among the world’s top 100 science and technology clusters, serving as hubs for research, development, and technological advancements.

Additionally, the country secured the 7th rank globally in intangible asset intensity, which measures the strength of non-physical assets such as patents and trademarks that are essential for driving innovation. 

Global Innovation Index (GII) 

The Global Innovation Index (GII) is a yearly publication that ranks the innovation performance of countries and economies around the world. The GII is a collaboration between the World Intellectual Property Organization (WIPO), Cornell University, and INSEAD.

The GII ranks the innovation performance of around 130 economies.

The GII uses a dataset of over 80 indicators from public and private sources to measure innovation.

The Index is a ranking of the innovation capabilities and results of world economies. It measures innovation based on criteria that include institutions, human capital and research, infrastructure, credit, investment, linkages; the creation, absorption and diffusion of knowledge; and creative outputs. 

The GII has two sub-indices: the Innovation Input Sub-Index and the Innovation Output Sub-Index, and seven pillars, each consisting of three sub-pillars.

The Global Innovation Index serves as a benchmark resource that charts global innovation trends, guiding policymakers, business leaders, and others in unleashing human ingenuity to improve lives and address shared challenges, including climate change.

Sources:

https://economictimes.indiatimes.com/news/economy/indicators/india-jumps-42-spots-in-9-years-ranks-39th-in-global-innovation-index-2024/articleshow/113721955.cms?from=mdr

https://www.wipo.int/gii-ranking/en/about

PRACTICE QUESTION Q.Consider the following statements about the “The Global Innovation Index (GII) 2024”:  They are published biennially by the World Intellectual Property Organization (WIPO). India outperformed China in GII ranking 2024. Mumbai, Delhi, Bengaluru, and Chennai have been ranked among the world’s top 100 science and technology clusters under the Index. How many of the above statements is/are correct? A.Only one B.Only two C. All Three D.None Answer: A Explanation: Statement 1 is incorrect:  The Global Innovation Index (GII) is a yearly (Not biennially) publication that ranks the innovation performance of countries and economies around the world. The GII is a collaboration between the World Intellectual Property Organization (WIPO), Cornell University, and INSEAD. The GII ranks the innovation performance of around 130 economies. The GII uses a dataset of over 80 indicators from public and private sources to measure innovation. Statement 2 is incorrect: Global Innovation Index (GII) 2024  The GII 2024 highlights Switzerland, Sweden, the United States, Singapore, and the United Kingdom as the world’s most innovative economies.  China, Turkiye, India, Vietnam, and the Philippines emerged as the fastest climbers over the past decade. In the ranking of over 130 economies, China reached the 11th position and remains the only middle-income economy in the GII top 30. India has moved up to the 39th position among 133 economies in the Global Innovation Index (GII) 2024, according to a report by the Geneva-based World Intellectual Property Organization. Statement 3 is correct:  Major cities such as Mumbai, Delhi, Bengaluru, and Chennai are ranked among the world’s top 100 science and technology clusters, serving as hubs for research, development, and technological advancements. Additionally, the country secured the 7th rank globally in intangible asset intensity, which measures the strength of non-physical assets such as patents and trademarks that are essential for driving innovation.