According to the rankings released by Cornell University, INSEAD and the World Intellectual Property Organization (WIPO), India climbed 15 spots, from 81 last year, to 66 in the Global Innovation Index (GII) and maintained the top spot in the Central and South Asia regions.
GII 2016 Theme: “Winning with Global Innovation”
Global Innovative Index :-
Global Innovation Index (GII), a ranking co-published by Cornell University, INSEAD and World Intellectual Property Organization (WIPO), an agency of the United Nations.
- The Global Innovation Index is an annual ranking of countries by their capacity for, and success in, innovation. It is published by Cornell University, INSEAD, and the World Intellectual Property Organization, in partnership with other organizations and institutions and is based on both subjective and objective data derived from several sources, including the International Telecommunication Union, the World Bank and the World Economic Forum.
- The index was started in 2007 by INSEAD and World Business, a British magazine. The GII is commonly used by corporate and government officials to compare countries by their level of innovation.
Top 3 Countries :
India, 66th is the top-ranked economy in Central and Southern Asia. This report showing particular strengths in tertiary education and R&D, including global R&D intensive firms, the quality of its universities and scientific publications, its market sophistication and ICT service exports where it ranks first in the world. India also over-performs in innovation relative to its GDP.
- In market sophistication, India was at ranked on 33 positions from 72 position, which was tapped by domestic market scale – a new addition to the section.
- India scored high on tertiary education and R&D, the quality of its universities and scientific publications, its market sophistication and information and communication technology service exports, where it ranks first in the world, according to the index.
- India has all the ingredients needed to become a global driver of innovation including strong market potential, an excellent talent pool, and an underlying culture of frugal innovation.
- India ranks second on innovation quality among middle-income economies, overtaking Brazil. “Relative weaknesses exist in the indicators for business environment, education expenditures, new business creations and the creative goods and services production,”
- India has the ability to create a unique spot in innovation history to meet its own market requirements by using its cultural advantages of frugality and sustainability
- The commitment of India to innovation and improved innovation metrics is strong and growing, helping to improve the innovation environment.
- India saw improvement in sections such as institution, human capital and research, market and business sophistication.
- In market sophistication, India was at ranked on 33 positions from 72 positions, which was tapped by domestic market scale – a new addition to the section. Interestingly, the domestic market scale ranked 3rd on the poll. However, the ease of protecting minority interest was at 8th position from the 7th position of the previous year’s data.
- Further, the business sophistication was at 57th rank from the 116th which was led by new indicators such as intellectual property payments, ICT services imports and research talent business enterprises.
- With the government initiating various measures in order to boost the foreign investors has also been acknowledged the improvement was not only driven by just performance but also some changes in survey methodology such as addition of new indicators.
- In foreign direct investment net inflows, India stood at 86th place from the last year’s position of 98.
- India saw a record 53% increase in FDI in last two years as the investment climate strengthened due to steps initiated to curb growth, price stability and fiscal prudence which also improved the overall macroeconomic stability
It is noted that Among the GII 2016 leaders, four economies — Japan, the U.S., the UK, and Germany— stand out in “innovation quality,” a top-level indicator that looks at the caliber of universities, number of scientific publications and international patent filings. China moves to 17thplace in innovation quality, making it the leader among middle-income economies for this indicator.