The World Economic Forum (WEF), NITI Aayog, World Intellectual Property Organization (WIPO) and Cornell University will work to develop an India Innovation Index to provide impetus to states to drive innovative spirit.
Based on the WIPO’s GII (Global Innovation Index), the India Innovation Index will be tailored to better reflect of India’s ground reality and include metrics well suited to the Indian context for innovation.
- The India Innovation Index will measure and rank the innovation performance of all states in India with the aim of moving India towards an innovation-driven economy.
- It will be based on key pillars of innovation and sub-indices that together will assist in tailoring policies for innovation that inturn will promote inclusive growth.
- The pillars of index include the capacity of human capital and research, strength of institutions, supporting infrastructure and the level of business sophistication, among others.
- Each partnering organization will nominate a working group member to work on the index. The first ranking of Indian states will released at the India Economic Summit to be held in October 2017.
- This index will encourage states to compete with each other and, in turn, lead to better policies for inclusive growth.
- It will create a transparent benchmark of innovation for Indian states and spur competition among states. It will also ensure progress towards innovation at the local level in India.