Global innovative Index of a country is defined as the research and development and the advancement taking place in a country. Through this research and development and making the life of an individual easy. This is all calculated in the Global Innovative Index. Every year WIPO(World Intellectual Property Organization) publish the rankings of all the countries according to their innovation. This time according to the Global Innovative Index 2020 India rank among the Top 50 countries.
The actual position of India is 48 which improves 4 places from the previous year ranking. It means that the standard of living is improving in India. The previous year rank of India was 52. The theme of this Index is “Who Will Finance Innovation”. This time around 131 countries economies evaluate by the WIPO on the basis of their innovative ideas.
On Which Basis The Global Innovative Index 2020 Rank Given To The Country?
Basically, the WIPO(World Intellectual Property Organization) along with two other organization. One is the Cornell University and the other is INSEAD Business School. The factors on which the rankings of the countries depend are as follows.
- Firstly, the Global Innovative Index score which is the average score of the Input and Output Sun indices.
- Secondly, the input sub-index consists of the following five pillars which are Institutions, Human Capital and research, Infrastructure, Market Sophistication, Business Sophistication.
- Thirdly, the output sub-index gives information about innovative activities done for the country. The two factors on which the output index depends are Knowledge and Technology, creative outputs.
- These seven pillars contain three sub pillars which have different components which is important for providing rank.
Top 5 countries in the Global Innovation Index 2020 List
The countries which are in the top position of this list.
- Switzerland – 66.08
- Sweden – 62.47
- United States Of America – 60.56
- United Kingdom – 59.78
- Netherlands – 58.76
India’s Best Performance In Which Of The Following Pillars
Since there are seven pillars on the basis of which rank is given to the country. India performs best on the following three pillars.
- The first one is the Institutions which increases from 77 in 2019 to 61 in a time period of one year.
- The second one is Business Sophistication which increases from 65 in 2019 to 55 in 2020.
- The third one is the creative output increases from 78 in 2019 to 64 in 2020.
- Also India better it’s rank from 29 in 2019 to 27 in Intellectual property payments.
- In research talent 46 in 2019 to 38 in 2020.
In Which Pillar India Lag Behind
- India lags behind in the infrastructure but it moves four-position above at 75 in comparison to 2019 which is at 79 positions.
- Also, India lags seven-position down in human capital and research from 53 in 2019 to 60 position in 2020.
How Much India Spent On Innovation?
According to the stats, the Gross Domestic Expenditure on research and development increases to 63.2 billion dollars in 2017-2018. In comparison to 2014-15 which is 50.3 billion dollars. Around 2.9 per cent share in the world the government spends on research and development.
But the involvement of the private sector is less in the research and development. Around 45.4% of the money is spent by the central government, 6.4% is spent by state governments, 6.8% by higher education and 41.4% by industries.
Most of the money is spent by globally powerful countries on research and development of ICT hardware and electronic equipment.
The increased rank in the Global Innovative Index 2020 report boost up the journey for future development. Also, the government should spend more and more on research and development for the individual growth of the company.