India at 42 Rank among 55 Global Economies as per International Intellectual Property Index 2023
US Chambers of Commerce, Washington DC has issued the yearly report namely, International Intellectual Property Index 2023. It indicates intellectual property rights like patent and copyright policies, etc across each economy. India got 42nd rank in this year’s report. Know how IPR shapes the global economy.
India has been ranked at the 42nd position among all 55 leading global economies as mentioned in the official report of the International IP Index released by the U.S. Chambers of Commerce. It reveals that the country is all set to lead the globally emerging markets that seek to reshape their economic systems through IP-driven innovation.
Patrick Kilbride who serves as the Senior Vice President of the U.S. Chamber of Commerce Global Innovation Policy Center the annual International Intellectual Property report for the year 2023 on February 21, 2023.
On February 24, 2023 (Friday) he affirmed, “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”. The United States has topped the International IP Index 2023 followed by UK and France while the US got the first rank in the previous year 2022 as well.
The 11th edition of the International IP Index is here, and it's not all good news. While 2023 was mostly stable for intellectual property, our new report warns of a torrent of proposals that could erode IP rights. #IPIndex https://t.co/82zfbK6v4g pic.twitter.com/2F7IOkfGDb— U.S. Chamber (@USChamber) February 22, 2023
International IP Index 2023 Report Highlights
The eleventh edition of the report covers everything from Patent and Copyright Laws to the ability to monetise IP assets. Also, it includes the ratification of international agreements. India has shown determined efforts in Copyright Piracy through the issuing of “dynamic” injunction orders.
The country has not only initiated generous R&D and IP-based tax incentives but also has a strong awareness-raising effort considering the negative impact of piracy and counterfeiting. The report says that it is a global leader in targeted administrative incentives for the creation as well as the use of IP assets for Small and Medium-sized Enterprises (SMEs).
Growth of IPR in Developing India
Patrick Kilbride mentions that India has taken progressive steps in order to enhance the implementation against copyright-infringing content and also to provide a top-notch framework to promote better understanding and utilisation of IP assets. However, as far as the limitations are concerned, it is critical for India to strongly address these issues IP framework with the aim of building a new model for the region and for India’s continued economic development.
Moreover, the 2021 dissolution of the Intellectual Property Appellate Board combined with the longstanding issue of an under-resourced and overstretched judiciary hoists serious concerns regarding the rights holder's ability to enforce their IP rights in India and also to further resolve IP-related disputes.
India ranks 42 in 55 countries on International IP Index— Press Trust of India (@PTI_News) February 25, 2023
IP Systems in Global Markets
Talking about the carriers to licensing and technology transfer which includes strict registration requirements, the framework for the protection of biopharmaceutical IP rights is comparatively scanty.
After analysing the expanding IP landscape in international markets, the annual Index guides nations to help them traverse towards a brighter economic future through research, creativity, innovation, as well as market competitiveness.
As per the official announcement, various proposals have been put forward considering the augmentation of IP systems at a global level. This has been suggested by US and international policy leaders, including a plethora of multilateral organisations. It leads to imperilling the arduous economic gains and increments.
India’s Innovation Journey
In the past few years, India’s research and innovation journey has been significant as the nation has emerged as one of the fastest-growing innovation-led economies across the globe. The Indian Government has taken instigates several initiatives for IPR Sector.
New innovative technologies developed by the country have transformed India into the third-largest startup ecosystem in the world. In order to strengthen India’s IP Ecosystem, the Confederation of Indian Industry (CII) has created beneficial systems and a few of the initiatives designed by the association are Capacity Building, International IPR Conference, and National IP Facilitation Centre.
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