India ranked 10th on Commonwealth Innovation Index (CII)

News :-

India was ranked 10th on a new Commonwealth Innovation Index, topped by the UK, Singapore and Canada.

About Commonwealth Innovation Index :-

The index was launched as part of a new Commonwealth Innovation Hub on the sidelines of the Commonwealth Heads of Government Meeting (CHOGM) here.
It has been created in partnership with the United Nations World Intellectual Property Organisation (WIPO) and its annual Global Innovation Index (GII).

Aim :-

It is aimed at providing a tool that allows member states, organisations and citizens to benchmark themselves against 53 countries of the Commonwealth, with the new innovation hub offering a dedicated online space for Commonwealth countries to showcase what they have to offer and share with other members.

Why it is created ?

Nearly 60 per cent of the Commonwealth population is under 30 with a lot of talent and innovation and with this new digital platform. It makes the Commonwealth even more relevant and fit for its sharing and caring purpose

About Global Innovation Fund (GIF) :-

The Global Innovation Fund (GIF) will work as the delivery partner to host a new Commonwealth Innovation Fund (CIF), which will use GIF's existing due diligence processes for sourcing, evaluating and investing to generate a high-quality portfolio of enterprises that are aligned with the Commonwealth Secretariat's priorities.
The GIF will manage the fund and its investments, which will be targeted at innovative projects across Commonwealth countries that "save and improve lives".

Commonwealth Innovation Fund (CIF) :-

During the ongoing CHOGM, the CIF will engage with member-countries to gain financial and other support for the fund.
The CIF will deploy grant, equity and debt investments to support innovators across the Commonwealth to accelerate the development, testing and scaling up of evidence-based and market-tested innovations.
The target size of the new fund, with financial commitments from member-countries, is expected to be 25 million pounds of initial funds to prove the new model.