Syllabus section: Polity
Why in News?
NITI Aayog released the second edition of its India Innovation Index in a virtual event.
• The index that ranks different states and UTs based on how they support innovation.
• The motif of the index is to showcase the government's initiative to create an innovation-driven economy.
• The India Innovation Index 2020 ranks the states and union territories based on their relative performance of supporting innovation.
• This competitive measure will empower them to improve their innovation policies by highlighting their strengths and weaknesses.
• The ranking methodology is designed in a way that states can draw lessons from the national leaders in innovation.
• This will lead to healthy competition among the states and union territories, thereby fostering competitive federalism.
India Innovation Index 2020 The framework has been updated to include globally considered parameters for measuring innovation (such as the percentage of gross domestic product spent on research and development), while also retaining the parameters specific to the Indian economy.