What is III?
- III is a new index launched by NITI Aayog and CII.
- Based on the WEF’s GII (Global Innovation Index), the India Innovation Index is tailored to better reflect of India’s ground reality and include metrics well suited to the Indian context for innovation.
- The index has been jointly developed by NITI Aayog, DIPP and CII in consultation with World Economic Forum (WEF), World Intellectual Property Organization (WIPO), Cornell University, UNIDO, ILO, OECD, UNESCO, ITU etc.
What is the objective of III?
The index’s objective is to rank Indian states on innovations through the portal that will capture data on innovation from all states on innovation and regularly update it in real time
What will it do?
- It will provide impetus to state to build their respective innovation ecosystems and spur the innovation spirit among institutions and people to make India an innovation-driven economy.
- It will be structured based on the best practices followed in Global Innovation Index (GII) indicators and additionally by adding India-centric parameters those truly reflect the Indian innovation ecosystem.
- The pillars of index include the capacity of human capital and research, strength of institutions, supporting infrastructure and the level of business sophistication, among others.
- The portal will coalesce, disseminate and update periodically GII indicators and India–centric data from various states.
- It will be hosted on the NITI Aayog website.
- It will be a one-stop data warehouse and will track progress on each indicator at the National level and the State level on real-time basis.
- The first ranking of Indian states will released at the India Economic Summit to be held in October 2017.
- This index will encourage states to compete with each other and, in turn, lead to better policies for inclusive growth.
- It will create a transparent benchmark of innovation for Indian states and spur competition among states.
- It will also ensure progress towards innovation at the local level in India.
NOTE: III can be mentioned in answers related to underdevelopment, appeasement politics, bad policies etc.