INTERNATIONAL IP INDEX

India has jumped 8 places to 36th on International IP Index. This year, India ranked 36th among 50 economies as against 44 in 2018.

What do you understand by Intellectual Property?

It refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce. IP is protected in law by patents, copyright and trademarks etc., which enable people to earn recognition or financial benefit from what they invent or create.

International IP Index

This index is released to analyse the Intellectual Property environment in 50 global economies, who covered 90% of global GDP. The index is brought out by the US Chamber of Commerce’s Global Innovation Policy Center (GIPC). This ranking is done on the basis of 45 indicators which are critical to an innovation-led economy supported by robust patent, trademark, copyright, and trade secrets protection.

In order to spur economic growth and employment, innovation, and creativity in countries like India, an IP report card for the world and a blueprint for policy-makers provided by this Index.

International IP Index (2019)

Top five economies on the intellectual property index in 2019 are The US, the UK, Sweden, France and Germany. This year India ranked 36th of 50 economies against 44th of 45 economies in 2018. For the second year in a row, India's score represents the largest gain of any country measured on the Index. No doubt , India has improved on its part due to important reforms done by Indian policymakers in order to build and sustain an innovative ecosystem for domestic entrepreneurs and foreign investors alike. The patent environment for technological innovations improved significantly due to the 2017 Guidelines on the Examination of Computer-Related Inventions. The government created IP awareness workshops and technical training programs to implement 2016 National IPR Policy. Improving the protection of well-known trademarks. Now India recognized on International standards of copyright protection after the accession to the World Intellectual Property Organisation (WIPO) Internet Treaties.

There are some Hurdles in the way of India's IP protection environment like licensing barriers, registration requirements, patent requirements outside international standards etc.

If all these challenges can be resolved including patent and enforcement, India can build an innovation led growth model for other countries to follow.

News Source : The Indian Express

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