Context: In a significant achievement, India has climbed to the 39th position among 133 global economies in the Global Innovation Index 2024. This ranking reflects the country’s growing capabilities in innovation and research.
Understanding the Global Innovation Index (GII)
The Global Innovation Index (GII) is an annual report published by the World Intellectual Property Organization (WIPO), a specialized agency of the United Nations. The GII evaluates the innovation landscape of countries based on several key criteria, including:
– Institutions
– Human capital and research
– Infrastructure
– Credit and investment
– Knowledge creation, absorption, and diffusion
– Creative outputs
Key Highlights from the Global Innovation Index 2024
Top Performers: The leading countries in this year’s index are Switzerland, Sweden, the United States, Singapore, and the United Kingdom.
Fastest Climbers Over the Last Decade: Notable nations that have improved their rankings significantly include China, Turkiye, India, Vietnam, and the Philippines.
India’s Performance in the GII
India has shown a remarkable upward trend in the Global Innovation Index, improving its rank from 81 in 2015 to 39 in 2024. Key strengths that contribute to this ascent include:
First in ICT Services Exports: India ranks first globally in Information and Communications Technology services exports.
Venture Capital Investments: The country has seen substantial venture capital inflow, supporting its startup ecosystem.
Unicorn Companies: India holds the 8th position globally for the number of unicorn companies, underscoring its vibrant entrepreneurial landscape.
Initiatives Enhancing Innovation in India
Several government initiatives have been instrumental in fostering India’s innovation ecosystem:
Atal Innovation Mission: This initiative has been pivotal in expanding the country’s innovation landscape.
Anusandhan National Research Foundation (ANRF): Established to promote research and innovation across universities and R&D institutions in India.
Biotechnology Industry Research Assistance Council (BIRAC): Launched by the Department of Biotechnology (DBT), BIRAC aims to empower emerging biotech enterprises to engage in strategic research and innovation.
National Research Foundation (NRF): Introduced as part of the National Education Policy 2020, NRF seeks to foster interdisciplinary research and innovation in higher education through funding.
Challenges in India’s Innovation Ecosystem
Despite these advancements, India faces several challenges:
1. Fragmented Innovation Ecosystem: There is insufficient integration among academia, industry, and government, leading to weak commercialization of research outputs.
2. Skill Mismatch and Brain Drain: While India produces a significant number of STEM graduates, many lack the skills necessary for high-end innovation. Additionally, the emigration of skilled professionals contributes to brain drain.
3. Infrastructural Bottlenecks: Inadequate infrastructure, particularly in rural and semi-urban areas, hampers the growth of innovative enterprises. Private sector participation in R&D remains limited compared to leading innovative economies.
Way Forward?
India’s consistent improvement in the Global Innovation Index is a testament to its knowledge capital and dynamic startup ecosystem. To sustain this momentum, there is a pressing need to:
Encourage Private Sector R&D: Foster greater private sector involvement in research and innovation, especially in emerging fields such as Artificial Intelligence (AI), Internet of Things (IoT), Blockchain, and Quantum Computing.
About the World Intellectual Property Organization (WIPO)
The World Intellectual Property Organization (WIPO) is a self-funding agency of the United Nations dedicated to supporting global innovators and creators. With 193 member states, WIPO ensures the protection and commercialization of ideas worldwide. Established in 1974, WIPO is headquartered in Geneva, Switzerland.
