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Piyush Goyal to launch Global Innovation Index on July 24

The Global Innovation Index has been a charter for assessing the innovation capabilities of national economies worldwide
New Delhi: Union Minister of Commerce & Industry Piyush Goyal will launch the Global Innovation Index (GII) on July 24 in New Delhi. The Director-General of the World Intellectual Property Organisation, Francis Gurry, will also be present during the event.

Why is GII important?

The GII is important because it reveals the innovation rankings of economies and the findings every year. This will be the 12th edition of GII with 129 countries under its observation. The GII measures how innovation-friendly the environments of global economies are on the basis of 80 detailed metrics.

What is this year’s theme?

The GII operates with a theme every year to track global innovation. This year’s theme is “Evaluating the Medical Innovation Scenario of the Next Decade.” It aims to highlight the role and dynamics of medical innovation in order to understand how it can form the future of healthcare and the potential impact this may have on economic growth.

What is GII?

The Global Innovation Index has been a charter for assessing the innovation capabilities of national economies worldwide. The initiative to understand how countries facilitate innovation was espoused by INSEAD and World Business in 2007. Since its genesis, the GII has become a credible authority on providing insight into the multi-dimensional aspects of innovation-driven growth. The GII is a valuable benchmarking tool that can help in gauging as well as encouraging public-private dialogue and where policy-makers, entrepreneurial leaders and other stakeholders can assess innovation progress on an annual basis.

What is on the agenda?

On July 14, there will be two panel discussions on these subjects: ‘Asia: The future hub of Innovation’ and on ‘Creating Healthy Lives - The Future of Medical Innovation.’ There will also be a special session on India’s R&D Expenditure Ecosystem which will be addressed by Carsten Fink, Chief Economist of World Intellectual Property Organisation, BN Satpathy, Member of Economic Advisory Council to the Prime Minister (PMEAC) and Professor K VijayRaghavan, Principal Scientific Adviser to the government. Ratan P Watal, Principal Adviser, NITI Aayog and Member Secretary, PMEAC, will release India’s R&D Expenditure Ecosystem report. Secretary Department for Promotion of Industry & Internal Trade, Ramesh Abhishek, will deliver the special address during the launch of the Global Innovation Index 2019.