What is Global Innovation Index (GII) ?
- The Global Innovation Index is an annual ranking of countries based and drafted upon their ability and capacity for, and accomplishments and achievements in, innovation.
- It is conceptualized upon the subjective and objective data derived from plethora of sources including famous institutions like International Telecommunication Union, the World Bank and the World Economic Forum etc.
- It is published by Cornell University, INSEAD, and the World Intellectual Property Organization, in partnership with other organisations and institutions.
- The index was first commenced in year 2007 by INSEAD and World Business, a British magazine.
- This index plays an important role for government institutions and corporate agencies to compare a country with another in terms of level of innovation and other related aspects.
What is its significance?
- In this present era, innovation is popularly considered as the pivotal driver to boom the growth and development in economy.
- The Global Innovation Index (GII) targets to acquire and evolve the multi-dimensional peculiar characteristics and attributes of innovation for 128 economies which represent 92.8% of world’s population and staggering 97.9% of world’s total GDP by supplying a valuable database of detailed values.
- Since the first time it came to world the tools of development i.e. Science, Innovation etc. have become more open and cooperative and at the same time more widely dispersed as far as the geography is concerned.
- The individual performance of each country is based and evaluated against a broad range of qualitative and quantitative measures to measure both innovation input- what countries are doing to strengthen their innovation ecosystems – and innovation outputs – their performance and results. This gives them an overview to assess their current level of innovation and therefore improve.
- The GII shows that international investment in innovation has huge scope to complement national systems and drive long-term economic growth and development.
- Not only innovation in science but fields as varied as health, environment, biodiversity etc. are seeing an affordable technological breakthroughs.
- It targets to generate insights, identify good practices and provide practical support to policymakers and business executives in their effort to improve innovation performance and growth.
What is International Innovation Index?
- The International Innovation Index is another index of measuring the level of innovation of a country in terms of success and ability on global level.
- The rankings report is jointly published by The Boston Consulting Group (BCG), the National Association of Manufacturers (NAM), and The Manufacturing Institute (MI), the NAM’s nonpartisan research affiliate.
- NAM describes it as the “largest and most comprehensive global index of its kind”.
- The index is published after a thorough research study based upon the outcome and business of innovation and government’s capability to invigorate, inspire and support the same through policies.
- The index was published in 2009. The rankings were based on innovation inputs including government and fiscal policy, education policy etc. and outputs including patents, R&D results etc.
- India stood on 14th out of 20 largest countries by GDP with South Korea topping the list.
- India stood on 46th position in the index out of 110 countries with Singapore topping the list.
Brief report of India’s ranking in GII 2016
- India’s ranked 66th in Global Innovation Index, 2016 which is a significant achievement as it stood at 81st position in 2015.
- India ranks top among the South Asian countries like the previous year 2015.
Climbed to 6th position among lower-middle-income economies from 8th position of 2015 rankings.
- Ranks among the top 50 economies in terms of market sophistication at 33rd spot.
- Ranks at 43rd position in terms of knowledge and technology outputs.
Importance of GII to India.
- Just like the importance of GII to globe in general its main significance for India lies in its envision and portrayal of innovation-led economy evaluation of the nation.
- For a nation, to develop and prosper the most vital and paramount thing required is proliferation in increase of its economy and that can be easily achieved by innovation-led businesses and startups at the core.
- It gives us a perception of our current technologies and fields that can help us boom our innovation and thus increase our economy.
- It gives us an overview of all the innovation related fields compared to other developed and developing countries that help us for introspection and thus improvement.
- In 2016, India improved its ranking almost after 5 year straight falls in ranking which shows that the ambiance of innovation led business and startups is changing our global image.
Reasons for the increment in India’s ranking
- Increasing strengths in tertiary and higher education, software exports, corporate R&D and market sophistication.
- Excelling in Information and Communication Technologies and goods exports.
Policies improving the innovation environment.
Where do we still lack?
- E-governance services
- Overall ICT penetration
- ICT use
Top 5 countries in the list 2016
Ranking of BRICS in GII 2016.
- Brazil: 69th
- Russia: 43rd
- India: 66th
- China: 25th
- South Africa: 54th