|  |  |  |  | 

Business News Sourced Wired

Global Innovation Index 2013 – India Ranks 66th

New Delhi, July 2 (ANI): India ranked 66th in the Global Innovation Index 2013, published by Cornell University, INSEAD, World Intellectual Property Organization (WIPO) and Confederation of Indian Industry (CII) as a knowledge partner. The study ranked 142 economies across the world on their innovation capacity and efficiency.

This year’s report casts additional light on the local dynamics of innovation, an area which has remained under-measured globally. It shows the emergence of original innovation eco-systems, and signals a needed shift from a usual tendency to try and duplicate previously successful initiatives.

“The local dynamics of innovation varies considerably across the globe and influences innovation measurement at the unit level. Learning from the local innovation systems adds newer dimensions to existing measurement approaches and challenges. The focus of this year’s GII makes it a valuable guide for the policy makers to develop specific strategies relevant to their local Innovation eco-system,” said CII Director General Chandraji Banerjee, Director General, CII.

India ranked 1 in the Central and South Asia region followed by Kazakhstan and Sri Lanka, and 11th overall in Innovation efficiency ratio. (Innovation efficiency reflects the Innovation output per unit of Innovation input in the economy)

The strength areas for India has been its Gross Capital formation (% of GDP) (Rank:9), Investment in new business (Rank: 20), Industrial Cluster Development (Rank: 29), Growth rate % of PPP GDP/Worker (Rank:14), Computer and Info. Services exports (Rank:1), Creative goods exports(%)(Rank:11).

India ranked poor in the areas such as political stability (Rank:123), Ease of starting business (Rank: 128), School life expectancy (Rank: 109), Pupil-teacher ratio (Rank:108), Knowledge absorption (Ran:122) and others.

Despite the economic crisis, innovation is alive and well. Research and development spending levels are surpassing 2008 levels in most countries and successful local hubs are thriving. A group of dynamic middle and low-income countries, including China, Costa Rica, India, and Senegal – are outpacing their peers, but haven’t broken into the top of the GII 2013 leader board.

Through several of its analytical chapters, the 2013 edition of GII explores how innovation has benefitted from ‘local specifics’ in different parts of the world. One key message is that too many innovation strategies have been focused on trying to replicate previous successes elsewhere, like Silicon Valley in California. However, fostering local innovation requires strategies that should be deeply rooted in local comparative advantages, history and culture. They should be combined with a global approach to reach out to foreign markets, and attract overseas talent.

The GII 2013 looked at 142 economies around the world, using 84 indicators including the quality of top universities, availability of microfinance, venture capital deals – gauging both innovation capabilities and measurable results.

Published annually since 2007, the GII has become a chief benchmarking tool for business executives, policy makers and others seeking insight into the state of innovation around the world. This year’s study benefits from the experience of its Knowledge Partners: Booz and Company, the Confederation of Indian Industry, du and Huawei, as well as of an advisory board of 14 international experts.

United Nations Secretary-General Ban Ki-moon joined the authors of the report and its Knowledge Partners in presenting the GII 2013 findings at the High-Level Segment of the United Nation’s Economic and Social Council (ECOSOC).

The High Level Segment, held July 1-4 in Geneva, brings together heads of state, ministers and heads of international agencies, this year focusing in particular on the role of science, technology and innovation and the potential of culture in achieving the Millennium Development Goals and promoting sustainable development. (ANI)