World is getting shifted towards knowledge-based economy. Creation of knowledge-based assets leads to tech transfer which adds value to a country’s economy. The present pandemic proves it. Countries that invented vaccines for Covid-19 had traded and licensed the vaccines / vaccine formula for the needed countries. India too played a vital role in vaccine supply. India had supplied 1154.173 lakhs of vaccines to 95+ countries as on 31st December 2021. Out of total supply, 684.358 lakhs of vaccines were supplied commercially [1]. The list of countries starts from low economies like Kenya, Uganda and extends to developed economies like Canada, United Kingdom. Trade of vaccines had not only added value to economy but also added value to good will of our country. This is enabled only by means of innovations which in turn becomes knowledge assets of the country. There is prime difference between inventions and innovation. An invention can be called as innovation when it is commercialized. To put it in a simple way, commercializing invention is called as innovation.
Blessed with rich young human resource, India has a huge potential in creation of innovations and knowledge assets. Global innovation index (GII) 2021 released by World Intellectual Property organisation (WIPO) lists India at 46th spot among 132 economies. India has seen a sharp improvement in the GII rank in last half decade. It jumped from 81st spot in 2015 to the present 46th spot. With a score of 36.4, India stands top among 10 economies in Central and Southern Asia and 2nd among 34 lower middle-income group [2]. World fact book data reports that, median age of total Indian population is 28.7 years which means half the population of the country is less than median age [3]. Countries like Japan, Germany, Republic of Korea with more than 40 years as median age finds a place among top 20 in GII. With rich human resource, India is having bright scope to find a spot in top 10 in GII ranking.
Higher educational institutions (HEIs) can play a key role in helping our country to secure top 10 spot in Global innovation index ranking. The creative minds of students can be converted as cluster of knowledge assets which in turn can be transformed into Intellectual Properties. IP assets may lead to evolution of start-ups which in turn generates employment opportunities. This further reflects on the development of the country. To conclude, a proverb says that “Necessity is the mother of invention/innovation”. Now the mother India is in necessity to utilise effectively the available rich young human resource. Let’s join together to flourish India with innovation led IP assets.
REFERENCES:
- Ministry of External Affairs data on vaccine supply as on 31.12.2021
(https://www.mea.gov.in/vaccine-supply.htm)
- Global Innovation Index 2021 by World Intellectual Property Organization (https://www.wipo.int/edocs/pubdocs/en/wipo_pub_gii_2021.pdf)
- The World Factbook data on median age
(https://www.cia.gov/the-world-factbook/field/median-age/country-comparison)
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