Global Innovation Index 2024

Context (TH): Global Innovation Index 2024 was released by World Intellectual Property Organisation.

About Global Innovation Index (GII)

The Global Innovation Index (GII) is a ranking of countries as per their success and capacity in innovation.
It is developed jointly by Cornell University, INSEAD and WIPO and is published annually since 2007.
The United Nations Economic and Social Council acknowledged the GII’s significance as a trusted benchmark for measuring innovation concerning the Sustainable Development Goals (SDGs).

Innovation Input Sub-Index: This index comprises five input pillars that capture elements of the economy that enable and facilitate innovative activities.
Innovation Output Sub-Index: This index represents the result of innovative economic activities. Despite having only two pillars, it carries the same weight as the Input Sub-Index in calculating the overall GII scores.
Overall GII Score: The overall GII score is calculated as the average of the Input and Output Sub-Indices. The rankings of economies in the GII are then produced based on this overall score.

Most innovative economies: Switzerland > Sweden > USA > Singapore > UK.
Fastest 10-year climbers: China, Turkiye, India, Viet Nam and the Philippines.
China (11^th rank) remains the only middle-income economy in the top 30.
41 economies are performing below expectations on innovation, the majority from Latin America, the Caribbean and Sub-Saharan Africa.

India’s rank: 39th (2023 – 40^th, 2015 – 81^st). It leads in the lower middle-income group. It ranked first among ten economies in Central and Southern Asia.
Secured 4^th position in WIPO Science and Technology (S&T) Cluster Ranking. Major cities like Mumbai, Delhi, Bengaluru, and Chennai are listed among the world’s top 100 S&T clusters.
Its strengths lie in key indicators such as ICT services exports, venture capital received, and intangible asset intensity (measures the strength of non-physical assets like patents and trademarks).
India’s unicorn companies secure the country the 8th rank globally.

WIPO is a specialized agency of the United Nations, located in Geneva, Switzerland.
Established in 1967, WIPO is a global forum for intellectual property policy, services, information, and cooperation (For both industrial property (inventions, trademarks, and designs) and copyrighted materials (literary, musical, photographic, and other artistic works)).
It is a self-funding agency of the United Nations with 193 member states.

Atal Innovation Mission (AIM): GoI flagship initiative by NITI Aayog to create and promote a culture of innovation and entrepreneurship across the country.
Startup India: This initiative by the Ministry of Commerce and Industry aims to build a strong ecosystem for nurturing innovation and startups in the country.
Invest India: This initiative by the Department of Industrial Promotion Policy (Ministry of Commerce and Industry) aims to promote foreign investment in the country.
Meity Startup Hub (MSH): Launched by the Ministry for Electronics and IT, this initiative aims to enhance the startup accelerator ecosystem in India.

Complexities in the patenting process
Lack of willingness to pursue research
Issues in commercializing patented innovations
Limited availability of research funding and incentives
Risk-aversion (fear of and intolerance for failure to generate innovative ideas)
Brain Drain to other countries (due to the absence of adequate support moral, financial, and other).