TAG: GS-3: GROWTH & DEVELOPMENT
CONTEXT: India has moved up to 39th place in the Global Innovation Index 2024, leading Central and South Asia and lower-middle income economies.
EXPLANATION:
About the Global Innovation Index:
- The Global Innovation Index (GII), released annually by the World Intellectual Property Organization (WIPO), ranks 131 countries using 81 indicators. Initiated in 2007 by INSEAD and the British magazine World Business, the index evaluates the innovation performance of these nations.
- It captures the innovation ecosystem performance of economies and tracks the most recent global innovation trends.
Indicators:
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- Institutions
- Human Capital and Research
- Infrastructure
- Market Sophistication
- Business Sophistication
- Knowledge and Technology Outputs
- Creative Outputs
- Switzerland maintained its top position, followed by Sweden, US, and Singapore.
- India rises to 39th position (from 40th position in 2023) among 133 global economies.
- India ranks first among lower middle-income economies and in Central and Southern Asia region for knowledge and technology outputs, creative outputs, institutions, and business sophistication.
- India’s strengths lie in key indicators like ICT services exports, venture capital received, and intangible asset intensity.
GII 2024 theme highlights the growing significance of social entrepreneurship.
- Social Entrepreneurship is the process of developing and implementing innovative organizational models to address social and/or environmental challenges, without profit as primary purpose.
Significance:
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- Economic Contribution: approximately $2 trillion to global GDP.
- Employment Creation: Estimated 10-11 million social enterprises and ~30 million social entrepreneurs help millions build sustainable livelihoods.
- Tackles poverty, addresses environmental devastation, and combat racial and social injustice
About World Intellectual Property Organization (WIPO):
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