While presenting her second Union Budget on Saturday, Finance minister Nirmala Sitharaman announced that a digital platform will be set up for seamless application and capture of the Intellectual Property Rights (IPR).
Just a few days after, Global Innovation Policy Center (GIPC) of the US Chambers of Commerce, states that
India slipped to 40th position this year out of 53 countries on a global intellectual property index, even as the country has shown improvement in terms of scores when it comes to the protection of IP and copyright issues.
Last year, India was ranked at 36th position out of 50 countries.
Two new Index economies (Greece and the Dominican Republic) scored ahead of India. The Philippines, and Ukraine leapfrogged India.
India has made significant progress towards establishing stronger IP protections but the "job is not yet done", as per report.
India's score, however, increased from 36.04 percent (16.22 out of 45) in 2019 to 38.46 percent (19.23 out of 50) in 2020, a 2.42 percent jump in absolute score.
The Delhi High Court also issued a series of judgements that provide clarity on existing statutes related to trademark protection online, resulting in a score increase on one of the trademark-related indicators, it added.
The courts issued two precedential rulings that raised the bar for the damages awarded in IP-infringement cases and may provide a deterrent for future infringement. This resulted in an increase in score on one of the trademark-related indicators, it said.
To continue this upward trajectory, much work remains to be done to introduce transformative changes to India's overall IP framework and take serious steps to consistently implement strong IP standards, the report said.
The US, the UK, Sweden, France, and Germany remained the top five economies on the intellectual property index in 2019 retaining their spots from the last year.
(Edited by Megha Reddy)