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Why in the News?
India secured 40th rank among 132 countries in the Global Innovation Index 2022.
Key Points:
About
Global Innovation Index(GII)
- Released by: World Intellectual Property Organisation(WIPO)
- The GII 2022 tracks global innovation trends against the background of an ongoing pandemic, a slowing of productivity growth and other evolving challenges.
- Involved Parameters:
India’s Performance:
- India’s continuous rise (from 81st rank in 2015 to 40th Rank in 2022) in GII rankings is due to the progressive initiatives by the government and industry working together.
- India overtakes Vietnam (48th) as the top lower middle-income economy for innovation.
- In the infrastructure segment, India’s performance has been below average.
What are the reasons for India’s Improved Ranking in GII?
- Improvement in information and communication technologies (ICT)
- Services exports
- Venture capital recipients’ value
- Finance for startups
- Labour productivity growth and domestic industry diversification
