World News | India's Overall Ranking on IP Protection Improves: USCC Report
Get latest articles and stories on World at LatestLY. India has improved its overall IP score from 38.4 per cent to 38.6 per cent, and the country is ranked 43 out of 55 countries on the International Intellectual Property Index, according to an annual report compiled by the influential US Chambers of Commerce on Thursday.
Washington, Feb 24 (PTI) India has improved its overall IP score from 38.4 per cent to 38.6 per cent, and the country is ranked 43 out of 55 countries on the International Intellectual Property Index, according to an annual report compiled by the influential US Chambers of Commerce on Thursday.
“India's overall score has increased from 38.40 percent (19.20 out of 50) in the ninth edition to 38.64 percent (19.32 out of 50) in the 10th edition. This reflects a score increase on indicator 32,” said the report Global Innovation Policy Center of the US Chambers of Commerce.
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Overall, India is ranked 43 out of 55 countries in the International IP Index.
In July 2021, the Parliamentary Standing Committee on Commerce released a Review of the Intellectual Property Rights Regime in India. This review is a welcome development and offers a comprehensive and detailed study of the strengths and weaknesses of India's national IP environment, the report said.
It is the first major attempt at assessing the state of India's IP policy regime since 2016 and the National Intellectual Property Rights Policy, the chamber said.
According to the report, innovators and creators are constantly competing to deliver the best and brightest tomorrow.
They're racing to create the solutions we need to address critical global challenges, like public health, cultural development, environmental sustainability, and economic disparities. Intellectual property (IP) policies can spur innovators and creators or stop them altogether, it said.
“Governments must make a choice: They can embrace dangerous policies to roll back international and domestic IP protections and deprive their economies of the many benefits strong IP ecosystems provide. Or, they can make conscious policy decisions to invest in their IP framework until every individual with an idea has a fair shot at the competition for leadership, success, and, ultimately, tomorrow,” the report said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)