Global Innovation Index Ranking 2022: India climbs top 40 for first time

Global Innovation Index Ranking 2022: India climbs top 40 for first time: According to a report released by the Geneva-based World Intellectual Property Organization (WIPO), India moved six ranks up to 40th place in the Global Innovation Index 2022 due to improvements in numerous aspects.

Global Innovation Index

The Global Innovation Index (GII) has long been seen as a leading indicator of an economy’s ability to innovate. Many countries utilize the GII to assess and develop their innovation ecosystems, as well as to serve as a reference in economic strategies and/or regulations.

Global Innovation Index 2022

• The Global Innovation Index (GII) for 2022 examines the most recent trends in global innovation against a backdrop of the ongoing COVID-19 pandemic, sluggish productivity growth, and other shifting problems. By assessing the innovation performance of around 132 economies and identifying both innovation strengths and shortcomings, it exposes the most inventive economies worldwide.
• The thematic focus of this edition on the future of innovation-driven growth provides an opinion on whether stagnation and low productivity growth are here to stay, or whether we are about to enter a new era in which new innovation spurts – the Digital Age and Deep Science Innovation waves – bring about economic uplift.
• 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.
• 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. According to the GII 2022, China is approaching the top 10, while Turkey and India join the top 40 for the first time. India was at 46th position in 2021

World Intellectual Property Organization (WIPO)

• Founded in 1967 with its headquarters in Geneva, Switzerland
• WIPO is the world’s center for information, cooperation, and intellectual property (IP) services.
• With 193 member states, WIPO is a self-supporting organization of the UN.