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.
