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Global Innovation Index 2023

Context: India’s consistent advancement in the field of innovation is demonstrated by its 40th position in the Global Innovation Index (GII) 2023. India has risen in the GII rankings throughout time, going from 81st in 2015 to 40th in 2023.

Governments all over the world use the GII as a crucial instrument to assess the social and economic shifts brought about by innovation in their nations. It acts as a tool for policy, assisting governments in evaluating and considering their present level of innovation.
One notable accomplishment is India’s holding onto its 40th position out of 132 economies in the Global Innovation Index (GII) for 2023. This ranking shows how committed India is to promoting an innovative and entrepreneurial culture, as well as how far along the country has come in the field of innovation.

This improvement is due to a number of important factors:

  • Knowledge Capital: India has a highly educated workforce, which is a vital basis for innovation, thanks to its strong emphasis on education and research. Sophisticated experts’ availability is a major factor in the nation’s capacity for innovation.
  • flourishing Start-up Ecosystem: Innovation has been greatly aided by India’s vibrant start-up ecosystem. New and innovative ideas are frequently introduced to the market by startups, and their contributions to a variety of industries have raised India’s status in terms of innovation.
  • Research groups: The promotion of innovation has been greatly aided by both governmental and private research groups. Research and innovation efforts have been supported by government departments like the Department of Science and Technology, Department of Biotechnology, Department of Space, and Department of Atomic Energy in a variety of fields.
  • Government Initiatives: Through a range of policies and initiatives, government ministries and departments have actively contributed to the promotion of innovation. Innovative projects and research in fields including electronics, telecommunications, agriculture, and healthcare have been made possible by their funding and assistance.
  • Atal Innovation Mission: The mission of Atal Innovation has been instrumental in fostering creative projects and ideas, especially from students and aspiring young business owners. It has produced an environment that is conducive to innovation and entrepreneurship.
  • NITI Aayog’s Initiatives: Notable is NITI Aayog’s contribution to policy-led innovation in vital fields such as space exploration, biotechnology, nanotechnology, electric vehicles, and alternative energy sources. Their attempts to extend innovation ecosystems to many parts of India have shown favorable results.
  • Monitoring and Assessment: To track advancements and pinpoint areas for development, it is imperative to conduct ongoing monitoring and assessment of India’s standing in international innovation rankings, such as the Global Innovation Index (GII). The fact that NITI Aayog is participating in this process shows that it is dedicated to improving India’s capacity for innovation.

Index of Global Innovation (GII)

An prominent annual publication that evaluates and examines the performance of economies worldwide in terms of innovation is the Global Innovation Index (GII). Policymakers, corporate executives, and other stakeholders utilize it as a useful benchmarking tool to assess and monitor a nation’s innovation progress.
In collaboration with Cornell University, INSEAD, and other organizations and institutions, the World Intellectual Property Organization (WIPO) published the GII.

Techniques

The Innovation Input Index and the Innovation Output Index are the two sub-indices from which the GII is calculated by averaging their scores.
Each of the five pillars that make up the Innovation Input Index comprises a maximum of five indicators that are used to characterize the features of innovation.
Innovation Output Index is composed of two components.
The weighted average approach is used to compute the scores for each indicator.

Important details regarding the GII and its results in 2023:

  • 2023’s Top 3 Innovative Economies
    • Switzerland
    • Sweden
    • United States
  • China fell one spot from the previous year to be placed 12th in 2023. As the only middle-income economy, it continues to hold the third rank in the Southeast Asia and Oceania (SEAO) area and to be within the top 30.

Uneven Results from Innovation Investment

Investments in research and innovation in 2022 showed mixed outcomes, mostly because of a number of difficulties and a drop in innovation financing. Though at a slower pace, the quantity of scientific papers kept increasing.
Research and development (R&D) expenditures from governments around the world were predicted to rise in real terms, while the largest corporations boosted their R&D spending by a substantial amount. It’s still unclear, though, if this increase can counteract the effects of growing inflation. In addition, venture capital investments fell sharply from the previous year, while overseas patent applications stagnated.

Technical Advancement in Important Domains

Significant advancements were made in a number of technological domains, such as energy, mobility, health, and information technology. Particularly significant improvements in processing power were made, and costs for genome sequencing and renewable energy sources kept going down. New avenues for global development are opened up by these advancements.

Increasing Usage of Technology

The use of technology has been steadily rising, which has enhanced connectivity and access to hygienic conditions. The use of electric vehicles (EVs) has been increasing, and more robot installations indicate that people’s demand for higher automation is growing. Even Nevertheless, overall penetration rates for many innovation indicators are still medium-to-low, despite some progress being made. Furthermore, radiation therapy for cancer treatment is still not widely available in many nations.

Innovation’s Limited Socioeconomic Impact

Innovation has advanced, but its socioeconomic impact has not increased much. The instability in labor productivity caused by the COVID-19 epidemic has resulted in a stagnation. While healthy life expectancy continued to rise, albeit more slowly, overall life expectancy declined for the second year in a row. With no sign of a major global decline, carbon dioxide emissions grew further in 2022, albeit more slowly than they had after the pandemic.