India can be leader for emerging economies in IP led innovation

India ranks 42nd among 55 leading global economies on the International IP Index released by the US Chambers of Commerce, according to which India is ripe to become a leader for emerging markets seeking to transform their economy through IP-driven innovation.

"As India's size and economic influence grows on the world stage, India is ripe to become a leader for emerging markets seeking to transform their economy through IP-driven innovation," Patrick Kilbride, senior vice president of the US Chamber of Commerce Global Innovation Policy Center, who publishes the annual report, said.

According to the report, which covers everything from patent and copyright laws to the ability to monetise IP assets and the ratification of international agreements, India has maintained continued strong efforts in copyright piracy through the issuing of "dynamic" injunction orders.

India not only has generous R&D and IP-based tax incentives, but also has a strong awareness-raising efforts regarding the negative impact of piracy and counterfeiting. It is a global leader on targeted administrative incentives for the creation and use of IP assets for SMEs, it said.

"India has taken steps to improve enforcement against copyright-infringing content and provides a best-in-class framework to promote better understanding and utilisation 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-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.