World Intellectual Property Organization (WIPO) launches the Global Innovation Index (GII) 2020. India ranked in the top 50 nations.

Global Innovation Index

Geneva, Switzerland. September 2, 2020 —World Intellectual Property Organization (WIPO) launched the Global Innovation Index 2020. Mr. Francis Gurry, Director-General of the World Intellectual Property Organization (WIPO); Mr. Wang Zhigang, Minister for Science and Technology, China; Ms. AgnÃ¨s Pannier-Runacher, Minister in Charge of Industry, France; Ms. Christine Lambrecht, Minister for Justice and Consumer Protection, Germany; and Mr. Piyush Goyal, Minister of Commerce and Industry and Railways, India, presented their messages.

The GII 2020’s theme asks Who Will Finance Innovation? A key question is how the economic fallout from the COVID-19 crisis will impact start-ups, venture capital, and other traditional innovation financing sources. Many governments are setting up emergency relief packages to cushion the lockdown’s impact and face the looming recession. But the GII 2020 advises that further rounds of support must prioritize and then broaden support for innovation, particularly for smaller enterprises and start-ups that are facing hurdles in accessing rescue packages.

“The rapid, worldwide spread of the coronavirus requires fresh thinking to ensure a shared victory over this quintessential global challenge,” said WIPO Director General Francis Gurry. “Even as we all grapple with the immediate human and economic effects of the COVID-19 pandemic, governments need to ensure that rescue packages are future-oriented and support the individuals, research institutes, companies, and others with innovative and collaborative new ideas for the post-COVID era. Innovations equal solutions.”

In its associated annual ranking of the world’s economies on innovation capacity and output, the GII shows year-on-year stability at the top. Still, there is a gradual eastward shift in the locus of innovation as a group of Asian economies - notably China, India, the Philippines, and Viet Nam - have advanced considerably in the innovation ranking over the years.

Switzerland, Sweden, U.S., U.K, and the Netherlands lead the innovation ranking, with a second Asian economy - the Republic of Korea - joining the top 10 for the first time (Singapore is number 8). High-income countries dominate the top 10.

Global rankings - Top 20

Switzerland
Sweden
United States of America
United Kingdom
Netherlands
Denmark
Finland
Singapore
Germany
Republic of Korea
Hong Kong (China)
France
Israel
China
Ireland
Japan
Canada
Luxembourg
Austria
Norway

India has climbed four spots and has been ranked 48th. Amid the COVID -19 pandemic, it comes as a piece of uplifting news for India and a testament to its robust R & D Ecosystem. India was at the 52nd position in 2019 and was ranked 81st in the year 2015. It is a remarkable achievement to be in a league of highly innovative developed nations all over the globe, India’s Ministry of Commerce & Industry said. The WIPO had also accepted India as one of the leading innovation achievers of 2019 in the central and southern Asian region. The country has shown a consistent improvement in its innovation ranking for the last five years.

The top-performing economies in the GII are still almost exclusively from the high-income group, with China (14th) remaining the only middle-income economy in the GII top 30. Malaysia (33rd) follows.

India (48th) and the Philippines (50th) make it to the top 50 for the first time. The Philippines achieves its best rank ever—in 2014, it ranked 100th. Heading the lower-middle-income group, Viet Nam ranks 42nd for the second consecutive year— from 71st in 2014. Indonesia (85th) joins the top 10 of this group. Tanzania tops the low-income group (88th).

“As shown by China, India, and Viet Nam, the persistent pursuit of innovation pays off over time,” said Former Dean and Professor of Management at Cornell University, Soumitra Dutta. “The GII has been used by governments of those countries and others worldwide to improve their innovation performance.”

Source: WIPO

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(The Chief Editor is an Alumnus of the World Intellectual Property Organization (WIPO) Academy, Geneva, Switzerland.)