India Innovation Index

Why in news?

The World Economic Forum, NITI Aayog, the World Intellectual Property Organization (WIPO) and the Cornell University(New York) will work together to develop an India Innovation Index.

What is Indian Innovation Index?

• The index will be based on key pillars of innovation like
  1. the strength of institutions,
  2. capacity of human capital and research,
  3. supporting infrastructure &
  4. the level of business sophistication, among others.
• It will also include sub-indices that will assist in tailoring policies that promote inclusive growth.
• It will enable to identify and measure the issues that affect innovation capabilities.
• It can help create a transparent benchmark of innovation for Indian states.
• It will boost competition and ensure progress towards innovation at the local levels.

What is WIPO?

• Specialized agencies are autonomous organizations working with the United Nations and WIPO is one of the 17 specialized agencies.
• It was created in 1967 to encourage creative activity, to promote the protection of intellectual property (IP) and is headquartered in Geneva.
• It provides a global forum where intergovernmental organizations, governments, industry groups and civil socities can come together to address IP issues.

Category: Mains | GS-III | Economy

Source: The Economic Times