INTERNATIONAL IP INDEX - REPORT AND INDICES
News: India
ranks 42 among 55 countries on International IP Index
What's in the news?
● India ranks 42nd among 55
leading global economies on the International IP
Index released by the U.S. 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.
Key takeaways from the Index:
● According
to the report, which covers everything from
patent and copyright laws to the ability to monetize 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.
● India
is a global leader on targeted administrative incentives for the creation and
use of IP assets for SMEs.
● India
has taken steps to improve enforcement
against copyright-infringing content and provides a best-in-class framework
to promote better understanding and utilization 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.
International IP Index:
● It
was released annually by the US Chamber of Commerce Global Innovation
Policy Centre (GIPC).
● Started
in 2012.
Parameters:
● 50
unique indicators.
● Nine
categories of protection such as
○ Patents
○ Copyrights
○ Trademarks
○ Design
rights
○ Trade
secrets
○ Commercialization
of IP assets
○ Enforcement
○ Systemic
efficiency
○ Membership
and ratification of international treaties.
Significance:
● Serves
as a roadmap for policymakers.
Go back to basics:
Intellectual Property Rights:
● It
refers to creations of the mind, such as inventions, literary and artistic
works, designs, and symbols, names and images used in commerce.
● The
IP system aims to foster an environment in which creativity and innovation can
flourish.
● IP
is protected by law such as copyright and trademark rights.