New Delhi: India has jumped eight places to rank 36th in the seventh annual international intellectual property index of US Chamber of Commerce’s Global Innovation Policy Center (GIPC) released on Thursday.
The index Inspiring Tomorrow analyses the IP climate in 50 world economies. It ranks economies based on 45 unique indicators that are critical to an innovation-led economy supported by robust patent, trademark, copyright, and trade secrets protection.
The index shows India moving 44th position in 2018 to 36th in 2019. The improvement reflects important reforms implemented by Indian policymakers toward building and sustaining an innovation ecosystem for domestic entrepreneurs and foreign investors alike.
“For the second year in a row, India’s score represents the largest gain of any country measured on the index, which covers over 90 percent of global gross domestic product,” said Patrick Kilbride, senior vice president of GIPC.
“As the world’s fastest-growing major economy undertakes steps to improve its innovation ecosystem, it can empower the next generation of Indian innovators, unleash the creation of 21st-century content, and transition itself into a true knowledge-based economy,” he said.
“Of course, there remain important issues that require additional, meaningful reforms, and we hope that India will use the Index as a guide as it moves forward. The global economy benefits when India thrives.”
The index findings also show that pro-IP policies have the potential to transform the Modi administration’s programmes such as Accelerating Growth for New India Innovations, Startup India and Digital India to economic reality. It presents an objective, data-driven view of competitiveness in a global market, based on criteria used by the business community when determining where to invest.
“India’s performance on the index finely captures the government’s incremental, consistent initiatives over time to improve the country’s IP ecosystem, guided by the vision of the 2016 National IP Policy,” added Kilbride.
“Rising up eight places in the rankings, India is largely a story of possibility. The increase is a result of specific reforms, including its accession to the WIPO Internet Treaties, the agreement to initiate a Patent Prosecution Highway (PPH) with international offices, a dedicated set of IP incentives for small business, and administrative reforms to address the patent backlog.”
All of these enhance India’s competitiveness in R&D intensive industries, he said. “If India can surmount the serious challenges that remain, including with regard to patent eligibility and enforcement, it can build a robust innovation-led growth model for other countries to emulate.”