As per the 2018 Commonwealth Innovation Index, India fetched 10th position in the index topped by the United Kingdom, Singapore and Canada.
The index was launched on the sidelines of the ongoing Commonwealth Heads of Government Meeting (CHOGM) as part of a new Commonwealth Innovation Hub. The Commonwealth Heads of Government Meeting will conclude on April 20, 2018.
Commonwealth Innovation Index
• The Commonwealth Innovation Index has been created in partnership with the United Nations World Intellectual Property Organisation (WIPO) and its annual Global Innovation Index (GII).
• It will act as a tool through which member states, organisations and citizens will benchmark themselves against 53 countries of the Commonwealth.
• The index is a part of the Commonwealth Innovation Hub that offers a dedicated online space for Commonwealth countries to showcase what they have to offer and share with other members.
Commonwealth Innovation Fund (CIF)
• The Commonwealth Innovation Fund was launched during the ongoing CHOGM to engage with member-countries to gain financial and other support for the fund.
• The Global Innovation Fund (GIF) will work as the delivery partner to host a new Commonwealth Innovation Fund (CIF).
• The CIF will employ GIF's existing due diligence processes for sourcing, evaluating and investing to generate a high-quality portfolio of enterprises.
• The GIF will manage the fund and its investments, which will be utilised for the innovative projects across Commonwealth countries that save and improve lives.
• The CIF will also undertake grant, equity and debt investments to support innovators across the Commonwealth to speed up the development.