From a rank of 81 in 2015; to 40 in 2022, India sees a jump of 41 places in 7 years in the Global Innovation Index 2022-
The India launch of Global Innovation Index 2022 was successfully hosted by the Confederation of Indian Industry (CII) in partnership with NITI Aayog and World Intellectual Property Organization (WIPO).
The 2022 edition of the Global Innovation Index (GII) tracks the most recent global innovation trends against the background of an ongoing COVID-19 pandemic, slowing productivity growth and other evolving challenges. It reveals the most innovative economies in the world, ranking the innovation performance of around 132 economies while highlighting innovation strengths and weaknesses. CII has been the founding knowledge partner of GII since 2007.
While addressing at the India launch session, Shri Suman Bery, Vice Chairman, NITI Aayog stated that India has been able to rank high with the collective efforts of Government, academia and the private sector. He further emphasized that all three must continue to work together for the shared goals and objectives to ensure that fruits of R&D reach the market in a coordinated manner. He further mentioned that Industry plays a huge role and CII is the right body to ensure that industry's contribution in R&D goes up substantially in the coming year.
Mr Daren Tang, Director General, WIPO mentioned that India is now the top performing country in income group and continue to be the most innovative economy in Central and Southern Asia. He further highlighted that Indian companies have almost 40 billion US Dollar in-venture capital investment in 2021, which is more than 200% increase over the prior year.
GII provides valuable inputs and guidance for innovation in the ecosystem and has gone from strength to strength, stated Prof Soumitra Dutta, Author, Global Innovation Index & Dean, University of Oxford. He pointed out that that R&D investment from both Govt and large corporations and cluster based approach involving multiple stakeholders is one of the areas of Improvement.
Dr Sacha Wunsch-Vincent, Co-editor, Global Innovation Index & Head, Economics and Statistics Division, WIPO stated that a large number of countries use the GII to assess and improve their innovation ecosystems and use the index as a reference for economic plans and/or policies.
In his address, Mr Chandrajit Banerjee, Director General, CII stated that innovation - Anusandhan is a key focus as mentioned by the Hon’ble PM. As India rises up the Innovation ladder, CII proposed to set up a National Level ‘Think Tank’ on Anusandhan / Innovation, as well as a National Level Task Force to map the indicators of Global Innovation Index, especially the ones pertaining to industry. CII would like to work in partnership with the government and other stakeholders who are involved in financing innovations to formulate mechanisms that will help de-risk innovations. This shall go a long way to enhance India’s overall R&D investment and outputs.
India has embarked on a journey where innovative thinking walks hand-in-hand with the socio-economic evolution of the nation said Mr Vipin Sondhi, Chairman, CII National Mission on Technology, Innovation & Research.
Mr Alok Nanda, Co-Chairman, CII National Mission on Technology, Innovation and Research, and CEO, GE India Technology Centre stated that Innovation is equal to invention, multiplied by value creation, meaning 'value for the society'.
30 September 2022
New Delhi