Global Innovation Index and India - 2017

The Global Innovation Index and India - 2017

Reformation of the Indian Government is showing the impact on the Global Innovation Index. India has jumped upto 60^th place in comparison to 76^th rank of previous year.

Keeping the place secured Switzerland is still at the first place in the Global Innovation Index. However, rise of India has elevated the place of Asia among the continents and become a important innovation engine. Whereas, China secures 22^nd place in the Global Innovation Index.

Global Innovation Index is an approach to find out the impact of innovation on the Economies in countries and how the countries inclined towards the innovation process. Global Innovation Index provides the ranking to countries based upon their contribution towards the innovation and its results occurred in their Economy and Society. 

Global Innovation Index (“GII”) is a unique indices which evaluate the Economies of the world as per their innovating capabilities and is very useful from point of view of business person and obviously innovators. GII uses profiles, including data, ranks and strengths and weaknesses on 81 indicators of 143 country of the world. The index is submitted to an independent statistical audit by the Joint Research Centre of the European Commission.

Key findings of Global Index Innovation

The six key findings of the GII 2017 are:

1.     Creating new sources of innovation driven growth is now vital to transforming the current economic upswing into the possibility of longer term growth.

2.     Smart and digital agricultural innovation and better diffusion to developing countries are required to help overcome serious food challenges.

3.     More innovation convergence is needed globally, as low- and middle income countries put more emphasis on their innovation systems.

4.     The prospect of regional Asian innovation networks will also benefit from the rise of new Asian Innovation Tigers and India’s high potential.

5.     Preserving the momentum of innovation in Sub-Saharan Africa and tapping the innovation potential in Latin America and the Caribbean must be priorities.

6.     Regional clusters of inventive activity are essential to national innovation performance; improved innovation metrics on this topic are required.

Innovation takes place when we are placed under condition when we have to do more with less. Indians are flocked with resources, so, here we are under condition where we are doing less with more. There are possibilities where India can lead the innovators of world and can set up an economy comprising of innovative thoughts.

As per the theme of GII this year, human factor is very vital for the innovation in economy. Indian colleges and Universities are manufacturing graduates every years but a very small part of the Intellectual young breed are indulged in innovation process. India has become a supplier of Engineer, Manager and technician to the world but alas due to certain factors Indian economy is unable to take benefit of indigenous inventors. It will be in favor of Indian Economy if Government gives promotion to Indian innovation process and implement better policy for R&D activities. 

There are certain other Indexes are mentioned in the Global Innovation Index in which India is running at higher place than of the previous year. However, in case of ease of doing business India is still very far and get 114^th Rank in the world. The same occurred with the Education where India gained 114^th Rank.

Well India get 68^th Rank in uploading the video on You Tube and USA ranks the first for uploading video on You Tube.

Over the last five years, the Indian agriculture sector has also attracted leading IT companies and investors; available technology and digital solutions are expanding at an impressive pace. Overall, the top agricultural R&D spenders are India, the Republic of Korea (Korea), China, the Netherlands, and Australia, with India spending more than double than Korea.

This Article is solely intended for purpose of information to the public at large. Article is not intended for any commercial purposes. Global Innovation Index is published globally by WIPO, Cornell University, and INSEAD.