India has secured the 42nd position in the latest International IP Index for the year 2024, joining a list of 55 countries scrutinised in the assessment. The country maintains its overall score at 38.64%, as per the findings unveiled in the 12th edition of the International IP Index by the US Chamber of Commerce’s Global Innovation Policy Center.
The index meticulously evaluates the intellectual property (IP) frameworks of the world’s leading 55 economies, spotlighting notable improvements in 20 of them. While the United States maintains its position as the global leader in IP, noteworthy progress has been observed in countries like Saudi Arabia, Brazil, and Nigeria. However, the report also underscores persistent challenges, with 27 economies showing no significant change and eight, including Ecuador, experiencing declines largely due to weak IP enforcement measures.
Highlighting the significance of the IP Index, it serves as a guiding tool for policymakers worldwide, offering insights into effective strategies to foster innovation and creativity within their respective domains. According to a statement, this data equips leaders with invaluable information on what strategies are yielding positive outcomes, what areas require attention, and what adjustments are imperative to ensure a brighter economic future.
Patrick Kilbride, Senior Vice President of the US Chamber of Commerce’s Global Innovation Policy Center, emphasised the positive correlation between robust IP standards and economic growth. He stated, ‘The Index demonstrates the benefits that economies can receive when they adopt robust and enforceable IP standards. Policymakers in India are recognising the critical link between IP rights and economic activity, which will underscore India’s global competitiveness.’
The report acknowledges India’s strides in strengthening its IP framework, citing the Cinematograph (Amendment) Bill 2023 as a significant development featuring enhanced language and penalties for combating film piracy. Moreover, India’s continued efforts in curbing copyright piracy through dynamic injunction orders, along with initiatives such as R&D and IP-based tax incentives, were lauded in the report.
However, the report also identifies areas of concern, notably the dissolution of the Intellectual Property Appellate Board in 2021 and the persistent issue of an under-resourced judiciary, posing challenges for IP rights enforcement and resolution of disputes. Additionally, the limited framework for protecting IP rights raises further apprehensions.
In conclusion, while India demonstrates commendable progress in fortifying its IP regime, addressing lingering challenges is imperative to foster an environment conducive to innovation, creativity, and economic growth.
‘While India’s recent legal improvements are encouraging, addressing the disbanded IP Board and judiciary limitations is crucial for strengthening IP enforcement and fostering innovation,’ says a Vakilsearch Intellectual property expert.
India’s efforts towards a robust IP framework are commendable. However, addressing enforcement concerns is essential to enhance global competitiveness and attract innovation. Vakilsearch stands ready to assist businesses in navigating the evolving Indian and global IP landscape.
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