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Global Innovation Index 2023

The 2023 Global Innovation Index (GII) has been unveiled, celebrating innovation excellence and showcasing the performance of 132 global economies. This prestigious event is celebrated by NITI Aayog, the Confederation of Indian Industry, and the World Intellectual Property Organization (WIPO).

This topic of “Global Innovation Index 2023” is important from the perspective of the UPSC IAS Examination, which falls under General Studies Portion.

What is the Global Innovation Index (GII)?

Definition

The Global Innovation Index (GII) is a comprehensive assessment that tracks the performance of global economies within the innovation ecosystem. It also highlights recent global innovation trends.

Highlights of GII 2023

Rankings

The top-ranking countries in the GII 2023 are as follows:

  1. Switzerland – 1st (13th consecutive year at the top)
  2. Sweden – 2nd
  3. United States – 3rd
  4. United Kingdom – 4th
  5. Singapore – 5th (new entrant in the top 5)
  6. China – 12th (the only middle-income economy within the top 30)
  7. Japan – 13th

India’s Performance

India’s performance in the GII 2023 is noteworthy:

  1. Rank: India secures the 40th position.
  2. Rise: India has made significant progress, rising from the 81st position in 2015, aligning with the vision of Atma Nirbhar Bharat (Self-reliant India).
  3. Leadership: India is the top innovation performer among lower-middle-income group economies and leads among the 10 economies in Central and Southern Asia.
  4. Consistency: India is recognized as an “innovation achiever” for 13 consecutive years.
  5. Strengths: India excels in Market Sophistication and Knowledge and Technology Outputs.
  6. Top 10: India ranks in the top 10 for Infrastructure and Institutions.
  7. Top-ranked Indicator: India leads in the “Domestic market scale, bn PPP$” indicator.
  8. Innovation Outputs: India ranks 35th globally.
  9. Education: India stands 11th globally for the percentage of graduates in Science and Engineering.
  10. Startups: India secures the 9th position in finance for startups.
  11. Diversification: India is 10th in Domestic Industry Diversification.
  12. Patents: India ranks 28th globally for the number of patents.
  13. Unicorns: India’s unicorn valuation is 5.04% of GDP, placing it 9th globally.
  14. And many more positive indicators that highlight India’s innovation potential.

Noteworthy Achievements

  1. India is among the 21 economies that have consistently outperformed for 13 consecutive years.
  2. India, along with other nations, has experienced the fastest climb in the GII ranking over the past decade.

How is the GII Compiled?

Compilation

The Global Innovation Index is compiled based on:

  1. 80 indicators.
  2. Data sourced from international public and private sources.
  3. A comprehensive and inclusive definition of innovation.

Who Releases the GII?

Released by

The Global Innovation Index is released by the World Intellectual Property Organization (WIPO).

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