High-income countries Switzerland, Sweden, the US, the UK, and the Netherlands lead the innovation rankings, with a second Asian economy, South Korea, joining the top 10 for the first time. Singapore ranks eighth.
The GII for the World Intellectual Property Organization (WIPO) ranks world economies according to their innovation capabilities, including approximately 80 indicators, grouped into innovation inputs and outputs. Along with three other economies, China, Vietnam and the Philippines, India has made the most significant progress in the GII innovation rankings over time, he said.
The Covid-19 pandemic is putting severe pressure on a prolonged surge in global innovation, likely hampering some innovative activities while catalyzing ingenuity elsewhere, especially in the healthcare sector, according to the 2020 GII.
WIPO Director General Francis Gurry said: “Even as we all grapple with the immediate human and economic effects of the Covid-19 pandemic, governments must ensure that rescue packages are future-oriented and supportive of people, research institutes, companies and others with new innovative and collaborative ideas for the post-Covid era. Innovations are equal solutions ”. The WIPO statement said that India, for its part, has consistently outperformed its level of development in innovation for 10 years in a row, a record matched only by three other countries.
Minister of Commerce and Industry Piyush Goyal He said: “To promote innovation and its culture in India, the government is formulating the new education policy 2020, which we are sure will be long-term, as we change course and accelerate our efforts towards an innovation mindset, towards the spirit of inquiry among our young people from a very early age. The National Innovation Council, which promotes innovation in our micro, small and medium-sized enterprises, is also working in various ways, notably through the Inclusive Innovation Fund of India, to support activities around innovation. They are voting very strongly to promote the ‘Make in India’ products that are made in India, to develop a self-sufficient India, but also to become a reliable partner in global value chains. ”
India excels in the innovation results it produces, and also in relation to its efforts and investments in innovation. India’s role in the global ICT (information and communication technology) services industry is reflected in its ranking of first in the sector’s exports. It also stands out for its productivity growth rate, which is why it ranks ninth in the world.
Significantly, India also outperforms a new GII indicator: global brand equity, producing more valuable brands than could be predicted from its revenue level. It ranks 31st in this indicator. It is home to 164 of the 5,000 largest brands in the world, including leading brands Tata Group, LIC (insurance) and Infosys. The best performing economies in the GII remain almost exclusively from the high-income group, with China (14th) as the only middle-income economy in the top 30 of the GII and Malaysia in position 33. The data shows a gradual shift towards the east in the place of innovation as a group of Asian economies, notably China, India, the Philippines and Vietnam, have advanced considerably in the innovation rankings over the years.
In Video: GII 2020: India Bursts into Top 50 Countries on Global Innovation List
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