What is the Global Innovation Index (GII)?
Developed by Cornell University, INSEAD and World Intellectual Property Organisation, the Global Innovation Index (GII) is a ranking of countries based on certain indicators like their success and capacity in innovation. This index is based on both subjective and objective data derived from different sources.
The Global Innovation Index (GII) is published yearly by the World Intellectual Property Organisation (WIPO). The GII ranks 131 countries based on 81 indicators. This index was started in 2007 by INSEAD and world business, which is a British magazine.
This index is calculated by averaging the scores of two indices —the innovation input index and the innovation output index. These two subindices are composed of seven pillars (the innovation input index of five pillars and the innovation output index of two pillars).
The Global Innovation Index (GII) ranks the innovative performance of the economies each year by highlighting the strengths and weaknesses of certain innovation metrics. This index is based on the most recent global innovation trends and aims at measuring the innovation metrics based on indicators like political environment, education, infrastructure and knowledge creation of the economies.
These different indicators which are used to calculate the Global Innovation Index (GII) can also be used to monitor the performance of the economies and compare the developments of these economies with other economies in the same region.
In the Global Innovation Index (GII) edition of 2020, India was ranked as the 48th most innovative nation in the world. This year was also marked as the first year for India to enter the top 50 countries in this Index.
As for the Global Innovation Index (GII) edition of 2021, the index includes the impact of the COVID-19 pandemic along with the other indicators while tracking the recent trends in global innovation.
