According to the International Intellectual Property (IP) Index published by the US Chambers of Commerce, India ranks 42nd out of 55 leading global economies.
International IP Index
- The US Chamber of Commerce publishes it once a year.
- The index assesses intellectual property rights in 55 global economies using 50 distinct indicators.
- Patent and copyright policies, commercialization of IP assets, and ratification of international treaties are among the indicators.
- The index aims to assist nations in charting a more promising economic future marked by increased innovation, creativity, and competitiveness.
India’s most promising prospects
- According to the report, India is poised to become a leader for emerging markets seeking to transform their economies through IP-driven innovation.
- Pharmaceutical companies, software firms, and creative industries are examples of successful IP-based businesses in India.
Important factors influencing India’s score
- IP laws
- Efficiency of its judicial system and
- Level of enforcement of IP rights
Problems encountered
- These are some challenges faced by Indian companies in protecting and monetizing their IP include issues such as-
- Counterfeiting
- Piracy
- Weak enforcement of IP laws
IP regime in India
- Broadly, the following acts deal with the protection of intellectual property:
- Trade Marks Act, 1999
- The Patents Act, 1970 (as amended in 2005)
- The Copyright Act, 1957
- The Designs Act, 2000
- The Geographical Indications of Goods (Registration and Protection) Act, 1999
- The Semiconductor Integrated Circuits Layout Design Act, 2000
- The Protection of Plant Varieties and Farmers’ Right Act, 2001
- The Information Technology Act, 2000
Way Ahead
- India must implement reforms to strengthen intellectual property protection and enforcement, as well as modernise IP laws and increase investment in IP infrastructure.
- Collaboration among government, industry, and academia is critical for improving India’s IP ecosystem. Lessons can be drawn from other countries with successful IP regimes, such as the United States, Japan, and South Korea.
Source: https://economictimes.indiatimes.com/news/economy/indicators/india-ranks-42-in-55-countries-on-international-ip-index/articleshow/98222058.cms