By - King Stubb & Kasiva on August 24, 2023
According to the Intellectual IP Index by the US Chambers of Commerce, India is ranked 42 among 55 leading global economies, to which India is ready to become a leader for emerging markets that seek to transform their economy through IP-driven innovation. The Index report covers everything from patent and copyright laws to the ability to capitalize IP assets and the ratification of international agreements.[1] India has developed and maintained strong efforts in copyright piracy with the help of the issuing of ‘dynamic’ injunction orders over the years. [2]
India has good experience in Research and development and IP-based tax incentives. It has a strong awareness that raises efforts concerning the negative impact of piracy and counterfeiting. It is known as a global leader which has targeted administrative incentives for the creation and use of IP assets for small and medium enterprises.
India has moved forward to improve the enforcement against copyright-infringing content and to provide a better framework that will promote the understanding and utilization of IP assets. However, resolving the long issues in its IP framework will be critical to India’s ability to make a new model for the region and India’s continued economic growth.
The report notified the 2021 dissolution of the Intellectual Property Appellate Board, which is the long issue of an under-resourced and overstretched judiciary. It raises important concerns about the rights holders who can enforce their IP rights in India and resolve IP-related disputes.
The index report explains that the rankings for 28 economies have not changed, and it defines the progress which will improve global IP protection. It evaluates the countries that have nine major groups i.e., Commercialization of IP asset Patents, Designs, Trade secrets, Trademarks, enforcement, systematic efficiency, and membership and ratification of international treaties.
It is the annual report which is compiled by the US Chambers of Commerce. It evaluates the protection of IP rights in the world’s 55 major economies, which represents approximately 9% of global GDP. The report covers topics that range from patent and copyright laws to the potential for monetizing IP assets and the ratification of international agreements. The index aims to help guide the nation toward a brighter economic future which is marked by greater innovation, creativity, and competitiveness.
The category systemic efficiency seeks to measure five elements- coordination of IP rights enforcement, consultation with stakeholders during the IP policy formation, educational campaigns and awareness raising, targeted incentives for the creation and use of IP assets for small and medium enterprises, IP industries, and national economic impact analysis.
The protection of biopharmaceutical IP rights has limited framework and patentability requirements which are outside international standards are the other loopholes. However, the report has good points also. It includes the strong efforts in copyright piracy with the issuing of ‘dynamic’ injunction orders in the 2019 precedent case on online trademark infringement and damages and generous R&D and IP-based tax incentives.[3]
FAQs
Intellectual Property Rights are the rights given to persons or companies for the creations of their minds. They usually give the creator an exclusive right over the use of his/her creation for a certain period for ex- development of new software and discovery of new medicine.
It is the report which evaluates the protection of IP rights in the world’s 55 major economies, which represents approximately 9% of global GDP. It is the annual report compiled by the US Chambers of Commerce.
According to the Intellectual IP Index by the US Chambers of Commerce, India is ranked 42 among 55 leading global economies. The United States ranks first in the 2023 index, followed by the UK and France.
[1] https://www.uschamber.com/assets/documents/GIPC_IPIndex2023_FullReport_final.pdf
[2] Warner Bros. Entertainment Inc. versus tamilrockers.ws & Ors., CS(COMM) 369/2019
[3] Warner Bros. Entertainment Inc. versus tamilrockers.ws & Ors., CS(COMM) 369/2019
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