INTERNATIONAL IP INDEX

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Context

• India ranks 42nd among 55 leading global economies on the International IP Index.

About Intellectual Property Rights

• Intellectual property(IP) is a category of property that includes intangible creations of the human intellect.
• Intellectual property rights include patents, copyright, industrial design rights, trademarks, plant variety rights, trade dress, and geographical indications.
• The main purpose of intellectual property law is to encourage the creation of a wide variety of intellectual goods, to achieve this, the law gives people and businesses property rights to the information and intellectual goods they create, usually for a limited period of time.
  • This gives economic incentive for their creation because it allows people to benefit from the information and intellectual goods they create and allows them to protect their ideas and prevent copying.
  • These economic incentives are expected to promote innovation and contribute to the technological progress of countries.

International IP Index

• The International IP Index is released by the US Chambers of Commerce.
• The Report covers everything from patent and copyright laws to the ability to monetize IP assets and the ratification of international agreements.

Findings of the recent Report

• India has maintained continued strong efforts in copyright piracy through the issuing of “dynamic” injunction orders.
• As India's size and economic influence grow on the world stage, India is ripe to become a leader for emerging markets seeking to transform their economy through IP-driven innovation.
• India not only has generous R&D and IP-based tax incentives but also has a strong awareness-raising effort regarding the negative impact of piracy and counterfeiting. It is a global leader in 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.
• However, the report said the 2021 dissolution of the Intellectual Property Appellate Board, combined with the long-standing issue of an under-resourced and overstretched judiciary, raises serious concerns about rights holders' ability to enforce their IP rights in India and to resolve IP-related disputes.
• Carriers to licensing and technology transfer, including strict registration requirements, said noting that there is a limited framework for the protection of biopharmaceutical IP rights.
• By analysing the IP landscape in global markets, the Index aims to help nations navigate toward a brighter economic future marked by greater innovation, creativity, and competitiveness.
• Following a decade of steady, incremental, improvement in IP systems worldwide, a deluge of proposals under consideration by US and international policy leaders, including at multilateral organizations, threatens to compromise hard-won economic gains.

UNITED STATES CHAMBER OF COMMERCE (USCC) The United States Chamber of Commerce (USCC) is the largest lobbying group in the United States. The group was founded in April 1912 out of local chambers of commerce at the urging of President William Howard Taft. The organization aims to advocate for pro-business policies. Functions: (i) They disseminate information to members. (ii) They fix prices for their services or products. (iii) They put political pressure on the government for the interest of their members. (iv) They settle disputes among members.

PRACTICE QUESTION Q) Which of the following statements is/are incorrect? a. The International IP Index is released by the US Chambers of Commerce. b. Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, is the nodal Department in India for the administration of various laws related to IPRs such as Patents, Trade Marks, Industrial Designs, Geographical Indications of Goods, Copyrights, Semiconductor Integrated Circuit I. Only a II. Only b III. Both a and b IV. Neither a nor b Answer: Option IV

https://economictimes.indiatimes.com/news/economy/indicators/india-ranks-42-in-55-countries-on-international-ip-index/articleshow/98222058.cms