CII to work with Govt and Stakeholders in financing innovations, says Banerjee
Indian companies had almost US$40 billion in venture capital investment in 2021, which is more than 200% increase over the prior year, according to Daren Tang, Director General, World Intellectual Property Organization (WIPO).
“India is now the top performing country in income group and continue to be the most innovative economy in Central and Southern Asia,” he said on 30 Sept 2022 at the launch of Global Innovation Index (GII) 2022.
It was hosted by the Confederation of Indian Industry (CII) in partnership with NITI Aayog and WIPO.
A large number of countries use the GII to assess and improve their innovation ecosystems and use the index as a reference for economic plans and or policies, added Dr Sacha Wunsch-Vincent, Co-editor, Global Innovation Index & Head, Economics and Statistics Division, WIPO.
GII provides valuable inputs and guidance for innovation in the ecosystem and has gone from strength to strength, stated Prof Soumitra Dutta, Author, Global Innovation Index & Dean, University of Oxford.
He pointed out that that R&D investment from both the Government and large corporations and cluster-based approach involving multiple stakeholders is one of the areas of improvement.
The 2022 edition of the GII tracks the most recent global innovation trends against the background of an ongoing COVID-19 pandemic, slowing productivity growth and other evolving challenges.
It reveals the most innovative economies in the world, ranking the innovation performance of around 132 economies while highlighting innovation strengths and weaknesses.
CII has been the founding knowledge partner of GII since 2007.
As India rises up the innovation ladder, CII proposed to set up a National Level ‘Think Tank’ on Anusandhan / Innovation, as well as a National Level Task Force to map the indicators of Global Innovation Index, especially the ones pertaining to industry.
Stating this, CII Director General Chandrajit Banerjee assured that CII would like to work in partnership with the government and other stakeholders who are involved in financing innovations to formulate mechanisms that will help de-risk innovations.
This shall go a long way to enhance India’s overall R&D investment and outputs.
India has embarked on a journey where innovative thinking walks hand-in-hand with the socio-economic evolution of the nation, added Vipin Sondhi, Chairman, CII National Mission on Technology, Innovation & Research.
Innovation is equal to invention, multiplied by value creation, meaning ‘value for the society’, underlined Alok Nanda, Co-Chairman, CII National Mission on Technology, Innovation and Research, and CEO, GE India Technology Centre. fiinews.com
