Nation breaks free of bottom 10% of economies measured for first time
New Delhi: India has substantially improved its ranking to 44th in the latest Global Intellectual Property (IP) index released by the US Chambers of Commerce.
According to the annual report by the Global Innovation Policy Centre (GIPC) of the US Chambers of Commerce released in Washington, India has “increased substantially” its score in the latest index with a rank of 44th out of 50 countries.
“For the first time, India has broken free of the bottom 10 percent of economies measured, and its score represents the largest percentage improvement of any country measured. This is further evidence of a country on the move,” GIPC vice-president Patrick Kilbride said in a statement.
India’s overall score has increased from 25 per cent (8.75 out of 35) last year to 30 per cent (12.03 out of 40) in the latest, and sixth edition of the Index, the report said. Last year, India ranked 43rd out of 45 countries in the index, with an overall score of 8.4 points.
“Several factors figure into the improved score. India passed guidelines to strengthen the patentability environment for technological innovations, improved the protection of well-known marks, and initiated IP awareness and coordination programmes, thereby implementing some tenets of the National Intellectual Property Rights Policy brought in 2016,” the report said.
It noted that in July 2017 India issued “Guidelines on the Examination of Computer-Related Inventions”, which significantly improved the patentability environment for technological innovations.
“However, India’s score continues to suggest that additional, meaningful reforms are needed to incentivise domestic innovation, attract foreign investors and improve access to innovation,” the report added in an explanation for how the country continued to remain among the bottom of the table.
It identified among India’s areas of weaknesses as being the limited framework for protection of life sciences IP, patentability requirements outside international standards, lengthy pre-grant proceedings, previously used compulsory licensing for commercial and non-emergency situations and limited participation in international IP treaties.
The US is at the top of the IP index list with 37.98 points, followed by Britain (37.97) and Sweden (37.03).
Source: Khaleej Times