India ranks 42 in 55 countries on International IP Index

Tags: INDEX

India has been ranked 42 out of 55 countries in the latest International IP Index report by the US Chamber of Commerce.

An overview of the news

• The United States ranks first in the 2023 index, followed by the UK and France.

• According to the report, India's size and economic influence is growing on the world stage.

• India is poised to become a leader for emerging markets seeking to transform their economies through IP-driven innovation.

• India has taken steps to improve enforcement against copyright-infringement and provides a best-in-class framework to promote better understanding and use of IP assets.

• Creating a new model to address long-standing flaws in the IP framework will be critical to India's continued economic growth, according to the report.

• Continued strong crackdown on copyright piracy through issuance of "dynamic" injunction orders, improved crackdown on online trademark infringement and damages, and generous R&D and IP-based tax incentives are some of India's strong points.

India's Weaknesses

• One of India's key areas of weakness is the 2021 dissolution of the IP Appellate Board.

• Limited framework for protection of biopharmaceutical IP rights and patentability requirements that are outside international standards are other weaknesses in India.

About International Intellectual Property Index

• It is an annual report compiled by the US Chambers of Commerce.

• It evaluates the protection of IP rights in the world's 55 major economies, which represent approximately 90% of global GDP.

• The report covers topics ranging from patent and copyright laws to the potential for monetizing IP assets and the ratification of international agreements.

• The index aims to help guide nations towards a brighter economic future marked by greater innovation, creativity and competitiveness.

Intellectual Property Rights

• Intellectual property rights are the rights given to persons/companies over the creations of their minds.

• They usually give the creator an exclusive right over the use of his/her creation for a certain period of time. 

• For e.g.  Development of a new software or discovery of new medicine.