The paper, which addresses a wide range of topics including patent and copyright rules, the capacity to monetize intellectual property assets, and the ratification of international agreements, claims
India is poised to become a leader for developing nations looking to change their economies via IP-driven innovation, according to the International IP Index published by the U.S. Chambers of Commerce, which puts India 42nd among 55 top global economies.
“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 U.S. Chamber of Commerce Global Innovation Policy Center, who publishes the annual report, said on Friday.
U.S. Chamber of Commerce Global Innovation Policy Center :
India has reportedly maintained ongoing significant efforts in copyright infringement through the granting of “dynamic” injunction orders, according to the study, which encompasses everything from patent and copyright legislation to the capacity to monetize Intellectual assets and the ratification of international agreements.
Along with having large R&D and IP-based tax incentives, India also makes a significant effort to raise public awareness of the damaging effects of piracy and counterfeiting. It claimed to be a pioneer in the field of tailored administrative incentives for the development and utilisation of IP assets for SMEs.
“India has taken steps to improve enforcement against copyright-infringing content. And it provides a best-in-class framework to promote better understanding and utilisation of IP assets. However, addressing long-standing gaps in its IP framework. It will be critical to India’s ability to create a new model for the region. And India’s continued economic growth,” Mr. Kilbride said.
The report stated that the 2021 dissolution of the Intellectual Property Appellate Board. Along with the long-standing issue of an under-resourced and overworked judiciary, raises serious doubt. About the ability of rights holders to enforce their IP rights in India and to settle IP-related disputes.
Barriers to licencing and knowledge transfer, including onerous registration requirements. Noted that there is a weak legal environment for the protection of biopharmaceutical intellectual property rights.
The Index seeks to guide nations towards a brighter economic future. It characterised by increased innovation, creativity, and competitiveness by analysing the IP landscape in global marketplaces.
A media release warned that a flood of ideas considered by US and foreign policymakers. Especially at multilateral organisations, threatens to undermine hard-won economic advantages. After a decade of gradual, incremental progress in IP systems globally.