Goyal to launch Global Innovation Index 2019 on July 24

Minister of Commerce and Industry Piyush Goyal will launch the Global Innovation Index (GII) on July 24 in the presence of World Intellectual Property Organisation (WIPO) Director General Francis Gurry.

The launch of GII will show innovation rankings of economies and findings for this year. It will be 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 GII 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.

The event on July 24 will have a special session on India's R & D Expenditure Ecosystem which will be addressed by WIPO's Chief Economist Carsten Fink, Member of Economic Advisory Council to the Prime Minister (PMEAC) B N Satpathy and Principal Scientific Advisor K Vijay Raghavan.

Ratan P Watal, Principal Adviser at NITI Aayog and PMEAC Member Secretary, will release India's R & D Expenditure Ecosystem report, according to an official statement.