India ranks 42 among 55 countries on International IP Index
The International IP Index released by the US Chambers of Commerce has ranked India at the 42nd place among 55 leading economies of the world, while stressing that the Indian economy is ripe to become a leader for emerging markets seeking to transform their economy through IP-driven innovation.
“As India’s size and economic influence grows on the world stage, India is ripe to become a leader for emerging markets seeking to transform their economy through IP-driven innovation,” Patrick Kilbride, senior vice president of the US Chamber of Commerce Global Innovation Policy Center, who publishes the annual report, said on Friday.
The report covers everything – from patent and copyright laws to the ability to monetize IP assets and ratification of international agreements.
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The report said that India has maintained strong efforts in copyright piracy through the issuing of dynamic injunction orders. “India not only has generous R&D and IP-based tax incentives, but also has a strong awareness-raising efforts regarding the negative impact of piracy and counterfeiting. It is a global leader on targeted administrative incentives for the creation and use of IP assets for SMEs,” it said.
“India has taken steps to improve enforcement against copyright-infringing content and provides a best-in-class framework to promote better understanding and utilisation of IP assets. However, addressing long-standing gaps in its IP framework will be critical to India’s ability to create a new model for the region and India’s continued economic growth,” Kilbride said.
The report, however, said that the 2021 dissolution of the Intellectual Property Appellate Board, combined with the longstanding issue of an under-resourced and overstretched judiciary, raises serious concerns about rights holder’s ability to enforce their IP rights in India and to resolve IP-related disputes.
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By analysing the IP landscape in global markets, the Index aims to help nations navigate toward a brighter economic future marked by greater innovation, creativity, and competitiveness.
“Following a decade of steady, incremental, improvement in IP systems worldwide, a deluge of proposals under consideration by US and international policy leaders, including at multilateral organisations, threatens to compromise hard-won economic gains,” a media release said.
(With inputs from agencies)
