In order to develop an India Innovation Index that will provide impetus to Indian states to drive the innovation spirit, the World Economic Forum, NITI Aayog, the World Intellectual Property Organization and the Cornell University have come together. The index will be based on key pillars of innovation and sub-indices that together will assist in tailoring policies that promote inclusive growth. The pillars include the strength of institutions, capacity of human capital and research, supporting infrastructure and the level of business sophistication among others.
The index will measure and rank the innovation performance of all Indian states with an aim of moving India towards an innovation-driven economy. Each partnering organisation will nominate a working group member to work on the index. The first ranking is expected to be released at the India Economic Summit in New Delhi on October 4-6, 2017.
Prime Minister Narendra Modi has said that the competitive and cooperative federalism is key to India's progress and added that this index will encourage states to compete with each other and, in turn, lead to better policies for inclusive growth.