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TOG NEWS

Goyal to release global ranks of innovation-friendly economies
By TOG News Service
Jul 19, 2019

TOG NEWS SERVICE, NEW DELHI, JULY 19, 2019: THE Union Minister of Commerce & Industry and Railways, Mr Piyush Goyal would launch the Global Innovation Index (GII) here on July 24, 2019. The Director General, World Intellectual Property Organization, Mr Francis Gurry, would also be present during the event. The launch of GII would reveal the innovation rankings of economies and the findings for this year. It would be the 12th edition of GII with 129 countries under its observation. The GII measures how innovation friendly the environments of global economies are based on 80 detailed metrics.

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.

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.

On the July 24, 2019 there would be two panel discussions on subjects like Asia: The future hub of Innovation. The second panel discussion would be on Creating Healthy Lives - The Future of Medical Innovation. There would also be a special session on India's R&D Expenditure Ecosystem which would be addressed by Mr. Carsten Fink, Chief Economist of World Intellectual Property Organization, B.N. Satpathy,Member of Economic Advisory Council to the Prime Minister (PMEAC) and Prof. K Vijay Raghavan, Principal Scientific Advisor to Government of India.

Mr Ratan P Watal, Principal Adviser, NITI Aayog and Member Secretary, PMEAC would release India's R&D Expenditure Ecosystem report. The Secretary Department for Promotion of Industry & Internal Trade, Mr Ramesh Abhishek, would deliver the special address during the launch of the Global Innovation Index 2019.