According to the World Intellectual Property Organization’s (WIPO) report titled 17th edition of the ‘Global Innovation Index (GII – 2024)– Unlocking the Promise of Social Entrepreneurship’, India secured the 39th position out of a total of 133 economies with a score of 38.3. In GII 2023, India’s rank was 40th with a score of 38.1.
- The index has been topped by Switzerland for the 14th consecutive year. It is followed by Sweden at 2nd rank and the United States of America (USA) at 3rd.
About Global Innovation Index(GII):
The GII has been co-published annually since 2007 by the World Intellectual Property Organization (WIPO), INSEAD( Paris, France), Cornell University( New York, the United States of America, USA).
i.It ranks the world economies according to their innovation capabilities on the basis of 80 indicators.
ii.It uses 7 criteria: Institutions, Human Capital and Research, Infrastructure, Market Sophistication, Business Sophistication, Knowledge and Technology Outputs, and Creative Outputs.
iii.The GII has two sub-indices: the Innovation Input Sub-Index(5 pillars) and the Innovation Output Sub-Index( 2 pillars).
iv.It serves as a key resource for policymakers and business leaders, tracking global innovation trends to foster human ingenuity and tackle challenges like climate change.
Highlights of GII 2024:
i.China reached the 11th position and remains the only middle-income economy in the GII top 30.
ii.India, the Republic of Moldova and Vietnam are all innovation overperformers for 14 years in a row.
iii.Saudi Arabia, Qatar, Brazil, Indonesia, Mauritius and Pakistan have climbed most in the GII (in order of their ranking).
iv.Indonesia, Pakistan and Uzbekistan maintain their overperformer status for a third year and Brazil for a fourth consecutive year.
v.Europe still hosts the highest number of innovation leaders among the top 25 – 15 in total, with seven among the top 10.
vi.China, India, Indonesia, Iran, the Philippines, Turkey, Vietnam, and Morocco are the middle-income countries in the top 70 of the GII that have made the most significant progress in the rankings since 2013.
Top 5 Countries in GII 2024:
| Ranking | Country | Score |
|---|---|---|
| 1 | Switzerland | 67.5 |
| 2 | Sweden | 64.5 |
| 3 | USA | 62.4 |
| 4 | Singapore | 61.2 |
| 5 | United Kingdom (UK) | 61.0 |
| 39 | India | 38.3 |
The Lowest ranked economies are Angola, Niger, and Mali at 133rd, 132nd, and 131st positions respectively.
India’s Scorecard:
| Indicators | Score | Rank |
|---|---|---|
| Institutions | 51.5 | 54 |
| Human Capital | 34.8 | 51 |
| Infrastructure | 39 | 72 |
| Market Sophistication | 52.3 | 23 |
| Business Sophistication | 28.1 | 58 |
| Knowledge and Technology Outputs | 38.8 | 22 |
| Creative Outputs | 32.1 | 43 |
Key Points:
i.India remains the top innovation economy in the Central and Southern Asian region.
ii.India ranks 1st in lower-middle-income group, and outperformed innovation for the 14th consecutive year.
iii.India also ranked 4th in the World Intellectual Property Organization (WIPO) Science & Technology (S&T) Cluster Ranking.
- Mumbai,Maharashtra(Ranked 56th), Delhi(63rd), Bengaluru, Karnataka(82nd), and Chennai, Tamil Nadu(84th) are listed among the World’s Top 100 S&T clusters. It is topped by Tokyo–Yokohama (Japan).
iv.India is 7th globally in intangible asset intensity and India’s unicorn companies also secure the country the 8th rank globally.
v.India improved its rank and score in Infrastructure and Creative Outputs compared to GII 2023 but declined in Human Capital & Research, Market Sophistication, and Business Sophistication indicators.
vi.India’s score under the Institutions parameter dropped from 53.9 to 51.5, but the rank improved slightly from 56 to 54.
vii.Under Knowledge and Technology Outputs, India’s rank stayed at 22, though the score decreased from 39.7 to 38.8.
viii.India’s rise in the GII highlights its progress and potential as a global innovation hub.
- Initiatives like Start-Up India, Digital India, and the Atal Innovation Mission(AIM) have promoted entrepreneurship, research, and technological advancement.
Recent Related News:
i.Discipline Science and Processes (DSP) Mutual Fund has launched India’s first-ever Nifty Top 10 Equal Weight Index Fund and its corresponding Exchange Traded Funds (ETFs) with the aim to provide investors with exposure to the top 10 companies listed on the Nifty Index, with each stock receiving equal weight in the portfolio.
ii.According to the Brand Finance’s Food & Drink 2024 report, Anand Milk Union Limited (AMUL) has emerged as the world’s strongest food and dairy brand with an AAA+ rating for the 4th consecutive year. The brand value of AMUL has increased by 11% to USD 3.3 billion, with a Brand Strength Index (BSI) score of 91 out of 100.
About World Intellectual Property Organization (WIPO):
It is the global forum for Intellectual Property (IP) services, policy, information and cooperation with 193 member states (as of October 1, 2024).
Director General– Daren Tang
Headquarters– Geneva, Switzerland
Establishment– 1967
