India ranks 42 in 55 countries on International IP 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.
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.
Please Rate this article, so that we can improve the quality for you -