Cornell University, INSEAD, and the World Intellectual Property Organization (WIPO) co-published the Global Innovation Index 2020 (GII). This is the 13th edition of the index and was released virtually. The basic aim of the Global Innovation Index is to provide global data on innovation and assist economies to improve their performance in the same. The Global Innovation Index 2020 has covered 131 economies and presented their latest innovation trends and rankings.
Global Innovation Index 2020 Theme
- The theme of 2020 Global Innovation Index is Who Will Finance Innovation? - is timely given the human and global economic damage wreaked by the COVID-19 global pandemic.
GII also ranks economies on various pillars or indicators as mentioned below-
- Institutions
- Human capital & research
- Infrastructure
- Market sophistication
- Business sophistication
- Knowledge & technology outputs
- Creative outputs
Key Findings
- As per the Global Innovation Index 2020, Switzerland has topped the index in overall rankings with an overall score of 66.08.
- Switzerland has also ranked no.1 in High-Income Economies and Europe region.
- Sweden has been ranked 2nd on the Global Innovation Index.
- Sweden is followed by USA, United Kingdom and Netherlands to rank 3rd, 4th and 5th on GII 2020 respectively.
- Yemen has been ranked lowest on the index i.e. at 131st rank with a score of 13.56.
- As per the key findings of the index, COVID-19 pandemic will impact innovation and leaders will have to find ways to mitigate the negative effects of the pandemic.
- As the theme of the index suggests, the finance for innovation has declined due to the pandemic and this is the reason why index raises a question that who will finance innovation?
- As per the index, stellar performance on innovation has been found in the developing countries.
- Top 10 Countries on Global Innovation Index 2020
-
- Switzerland
- Sweden
- USA
- United Kingdom
- Netherlands
- Denmark
- Finland
- Singapore
- Germany
- Republic of Korea
GII 2020 Rankings as per Income Groups
| Rank | High-income economies (49 in total) | Upper middle-income economies (37 in total) | Lower middle-income economies (29 in total) | Low-income economies (16 in total) |
|---|---|---|---|---|
| 1 | Switzerland | China | Viet Nam | United Republic of Tanzania |
| 2 | Sweden | Malaysia | Ukraine | Rwanda |
| 3 | United States of America | Bulgaria | India | Nepal |
Key Findings related to India
- India has been ranked 48th on the Global Innovation Index 2020. It is the first time that India has entered in top 50 economies on the index. India has an overall score of 35.59.
- Last year, India was ranked 52nd on the Index.
- India has been ranked 3rd in the list of lower-middle income economies.
- Also, India has been ranked on the 1st position in the economies in Central and Southern Asia (CSA) region.
- India has performed well in various indicators like the country has high rank in Knowledge and technology outputs (27th), 31st in Market Sophistication, etc.
Questions
Q1. Who released Global Innovation Index 2020?1. World Intellectual Property Organization (WIPO
2. Cornell University, INSEAD
3. World Bank
4. Both 1 and 2
5. Both 1 and 2
Answer – (4)
Explanation- Global Innovation Index 2020 has been co-published by Cornell University, INSEAD, and the World Intellectual Property Organization (WIPO).
Q2. How many economies have been ranked in the Global Innovation Index 2020?
1. 131
2. 200
3. 199
4. 144
5. None of these
Answer- (1)
Explanation-The Global innovation Index 2020 has ranked 131 economies on the basis of their performance in innovation.
Q3. What is the rank of India on Global Innovation Index 2020?
1. 57
2. 49
3. 48
4. 101
5. 81
Answer- (3)
Explanation- India has been ranked 48th on the Global Innovation Index 2020. India has jumped 4 places up from the 2019 rankings.
- http://www.bankexamstoday.com/2017/12/analysis-of-global-innovation-index.html
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