India's rank remains unchanged at 42 in International IP index 2024
Mumbai, Feb 28, 2024
The Index evaluates the Intellectual Policy (IP) frameworks of the world's top 55 economies, revealing significant improvements in 20 economies
India ranks 42nd in the International IP Index for 2024, out of 55 countries evaluated. India’s overall score also remained unchanged at 38.64 percent according to the 12th edition of the US Chamber of Commerce’s Global Innovation Policy Center’s International IP Index.
The Index evaluates the IP frameworks of the world's top 55 economies, revealing significant improvements in 20 economies. While the United States is once again the world leader, there were notable advancements led by Saudi Arabia, Brazil, and Nigeria. However, challenges persist, as 27 economies showed no change and eight, including Ecuador, experienced declines due to weak IP enforcement.
The IP Index also serves as a compass to guide world leaders on proven methods to champion innovation and creativity at home. With this data, they can see what's working, what's not, and what changes are needed to ensure a brighter future, said the statement.
“The Index demonstrates the benefits that economies can receive when they adopt robust and enforceable IP standards. Policymakers in India are recognizing the critical link between IP rights and economic activity, which will underscore India’s global competitiveness,” said Patrick Kilbride, Senior Vice President of the U.S. Chamber of Commerce’s Global Innovation Policy Center.
When it comes to India’s IP strength, the report points to the Cinematograph (Amendment) Bill 2023, which includes new language and criminal sanctions on film piracy. Continued strong efforts in copyright piracy through the issuing of “dynamic” injunction orders and R&D and IP-based tax incentives were some of the points mentioned in the report.
"India's recent strides in amending its intellectual property framework are commendable and underscore the country’s proactive approach to empowering innovation and creativity. Such initiatives not only benefit domestic creators and innovators but also contribute to the broader global landscape of intellectual property rights protection,” Kilbride said.
In terms of weakness, the report highlights the 2021 dissolution of the Intellectual Property Appellate Board combined with the long-standing issue of an under-resourced and overstretched judiciary raising serious concerns about rights holders’ ability to enforce their IP rights in India and to resolve IP-related disputes. It also pointed to the limited framework for the protection of biopharmaceutical IP rights.
IP-intensive industries continue to be a major economic force in the United States, supporting tens of millions of jobs and contributing approximately $7.8 trillion to the American economy, which accounts for about 40 percent of the nation’s GDP.
Top 10 Economies for IP Rights, 2024
1. United States (95.48%)
2. United Kingdom (94.12%)
3. France (93.12%)
4. Germany (92.46%)
5. Sweden (92.12%)
6. Japan (91.26%)
7. Netherlands (91.24%)
8. Ireland (89.38%)
9. Spain (86.44%)
10. Switzerland (85.98%)
[The Business Standard]
