India is poised to become a leader for emerging nations looking to transform their economies through IP-driven innovation, according to the International IP Index published by the US Chambers of Commerce, which puts India 42nd among 55 top global economies.
According to Patrick Kilbride, senior vice president of the US Chamber of Commerce Global Innovation Policy Center, who publishes the annual report, “India is ripe to become a leader for emerging markets seeking to transform their economies through IP-driven innovation” as its size and economic influence on the global stage increase.
India has reportedly maintained ongoing significant efforts in copyright infringement through the granting of “dynamic” injunction orders, according to the report, which encompasses everything from patent and copyright legislation to the ability to monetize IP 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 action to strengthen its enforcement against copyright-infringing content and offers a best-in-class environment to encourage better understanding and exploitation of IP assets.
However, addressing long-standing gaps in its IP framework will be critical to India’s ability to create a new model for the region and India’s continued economic growth,” Kilbride said. However, the report said the 2021 dissolution of the Intellectual Property Appellate Board, combined with the long[1]standing issue of an under-resourced and overstretched judiciary, raises serious concerns about rights holders’ ability to enforce their IP rights in India and to resolve IP-related disputes.
Carriers to licensing and technology transfer, including strict registration requirements, said noting that there is limited framework for the protection of biopharmaceutical IP rights. By analysing the IP landscape in global markets, the Index aims to help nations navigate toward a brighter economic future marked by greater innovation, creativity, and competitiveness. Following a decade of steady, incremental, improvement in IP systems worldwide, a deluge of proposals under consideration by US and international policy leaders, including at multilateral organisations, threatens to compromise hard-won economic gains, a media release said.