The U.S. Chamber of Commerce Global Innovation Policy Center (GIPC) on Thursday released its sixth annual International IP Index, "Create," which analyzes the intellectual property (IP) climate in 50 world economies.
As per the report, economies of the world are based on 40 unique indicators that benchmark activity critical to innovation development surrounding patent, trademark, copyright, and trade secrets protection.
The sixth edition of this Index showed that India ranked 44th of 50 economies - a jump from 43rd of 45 economies one year ago - improving its performance both in relative and absolute terms.
"For the first time, India has broken free of the bottom ten 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," said vice president of GIPC, Patrick Kilbride.
He added that 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 programs, thereby implementing some tenets of the 2016 National IPR Policy. However, additional, meaningful reforms are still needed to incentivize domestic innovation, attract foreign investors, and improve access to innovation.
The 2018 Index provides a guidebook for policymakers who wish to bolster economic growth, job creation, innovation, and creativity through a strong IP framework.
It ranks the IP systems in Algeria, Argentina, Australia, Brazil, Brunei, Canada, Chile, China, Colombia, Costa Rica, Ecuador, Egypt, France, Germany, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, including many others.