Global Innovation Index 2022

Global Innovation Index 2022

• India was recently ranked 40th out of 132 in the World Intellectual Property Organization's Global Innovation Index (GII) 2022 rankings (WIPO).
• In 2021, India was ranked 46th, up from 81st in 2015.

What are the Report's Highlights?

Countries are ranked as follows:

• For the 12th year in a row, Switzerland is the most innovative economy in the world in 2022, followed by the United States, Sweden, the United Kingdom, and the Netherlands.
• China is closing in on the top 10, while Turkey and India break into the top 40 for the first time.

India's performance:

• India leads the lower middle-income group in terms of innovation.
• It continues to lead the world in ICT services exports and ranks first in other indicators such as venture capital receipt value, startup, and scaleup finance, science and engineering graduates, labor productivity growth, and domestic industry diversification.

R&D Expenditure Increase:

• The top global corporate R&D spenders increased their R&D expenditure by nearly 10% to over USD 900 billion in 2021, higher than in 2019 before the pandemic.

Growth in Venture Capital (VC):

• It increased by 46% in 2021, reaching levels comparable to the late 1990s internet boom years. Latin America, the Caribbean, and Africa are experiencing the most rapid growth in venture capital.

What precisely is the Global Innovation Index?

• The Global Innovation Index, which is published annually, has long been regarded as a leading indicator of an economy's innovation performance.
• The GII is used by many countries to assess and improve their innovation ecosystems, as well as as a reference in economic plans and/or policies.
• The UN Economic and Social Council recognized the GII as an authoritative benchmark for measuring innovation in relation to the Sustainable Development Goals in its 2019 resolution on Science, Technology, and Innovation for Development (SDGs).
• Index indicators include:

Institutions, human capital and research, infrastructure, market sophistication, business sophistication, knowledge and technology outputs, and create outputs are among the parameters used to calculate the index.

What exactly is WIPO?

• WIPO is the world's leading organization for intellectual property (IP) services, policy, information, and collaboration.
• It is a self-sustaining United Nations agency with 193 member states.
• Its goal is to lead the development of a balanced and effective international intellectual property system that promotes innovation and creativity for the benefit of all.
• The WIPO Convention, which established WIPO in 1967, outlines its mandate, governing bodies, and procedures.

What are India's Related Initiatives?

India's Digital Future:

• India began it's Digital India journey in 2015, to create a trillion-dollar digital economy in the next few years.
• Digital technologies are used in a variety of applications, such as mapping capital assets with GIS technology and revolutionizing payments with the Unified Payments Interface (UPI).
• In fact, India will account for 40% of global real-time digital transactions in 2021.

2020 National Education Policy:

• To boost innovation even further, the National Education Policy was implemented, which promoted the spirit of inquiry by establishing incubation and technology development centers.
• Over 9000 Atal Tinkering Labs encourage young people to create solutions to society's problems.

Structural Reforms in Intellectual Property Rights (IPR):

• India has undertaken structural reforms to strengthen its IPR regime, including modernization of IP offices, reduction of legal compliances, and facilitation of IP filing for start-ups, women entrepreneurs, small industries, and others.

• Domestic patent filings have increased by 46% in the last five years.