India has moved up to 39th place among 133 global economies in the WIPO’s Global Innovation Index (GII) 2024.
- The GII, which started in 2007 by INSEAD, a business school, and World Business, a British magazine, provides a comprehensive measure of global innovation.
- India also ranks first among the 10 economies in the Central and Southern Asia region.
Key points
- India also ranks 4th in the World Intellectual Property Organization (WIPO) Science & Technology (S&T) Cluster Ranking. Mumbai, Delhi, Bengaluru, and Chennai are listed among the World’s Top 100 S&T clusters, and India is 7th globally in intangible asset intensity.
- The GII 2024 evaluates the innovation ecosystem performance of 133 economies and tracks the latest global innovation trends. It is considered a reliable tool for governments to assess innovation-led social and economic changes in their countries.
- According to the World Intellectual Property Organization’s (WIPO) GII 2024, Switzerland (1st), Sweden, the US, Singapore, and the UK are the world’s most innovative economies, while China, Turkey, India, Vietnam, and the Philippines are the fastest climbers over the past decade.
GII 2024 calculation
- The GII 2024 is calculated as the average of two sub-indices:
- The Innovation Input Sub-Index gauges elements of the economy that enable and facilitate innovative activities and is grouped into five pillars: (1) Institutions, (2) Human capital and research, (3) Infrastructure, (4) Market sophistication, and (5) Business sophistication (see Framework).
- The Innovation Output Sub-Index captures the actual results of innovative activities within the economy and is divided in two pillars: (6) Knowledge and technology outputs and (7) Creative outputs.
