Current Affairs

Commonwealth Innovation Index 2018

Commonwealth Innovation Index 2018 was launched on the sidelines of the ongoing Commonwealth Heads of Government Meeting (CHOGM) as part of a new Commonwealth Innovation Hub. 
  • As per the index, India fetched 10th position and the index was topped by UK.

Details about the 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.
  • The Global Innovation Fund (GIF) will work as the delivery partner to host a new Commonwealth Innovation Fund (CIF).
  • The GIF will manage the fund and its investments, which will be targeted at innovative projects across Commonwealth countries.
  • CIF will engage with member-countries to gain financial and other support for the fund and India is expected to be among the key countries to collaborate. 
  • The target size of the fund is expected to be 25 million pounds.

Commonwealth Heads of Government Meeting (CHOGM)

  • It is a biennial summit meeting of the heads of the government from all the commonwealth nations.
  • Every two years the meeting is held in a different member state and is chaired by that particular nation’s PM or President who becomes the Commonwealth Chair-in-Office until the next meeting.
  • The first CHOGM was held in 1971.
Commonwealth Innovation Index 2018 Commonwealth Innovation Index 2018 Reviewed by Aman Bhatia on April 20, 2018 Rating: 5

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