India has been ranked 42nd out of 55 countries in the US Chamber of Commerce’s latest International IP Index report. The annual International IP Index evaluates the protection of IP rights in 55 of the world’s leading economies, together representing around 90% of global GDP. The report covers everything from patent and copyright laws to the ability to monetise IP assets and the ratification of international agreements.

The report shows a torrent of proposals — both domestic and international — are threatening to erode intellectual property (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, according to a media release.

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 organisations, threatens to compromise hard-won economic gains, the report says.

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“As India’s size and economic influence grows on the world stage, India is ripe to become a leader for emerging markets seeking to transform their economy through IP-driven innovation,” said Patrick Kilbride, senior vice-president of the US Chamber of Commerce Global Innovation Policy Center that publishes the annual report.

“India has taken steps to improve enforcement against copyright-infringing content and provides a best-in-class framework to promote better understanding and utilisation of IP assets. However, addressing long-standing gaps in its IP framework will be critical to India’s ability to creating a new model for the region and India’s continued economic growth,” Kilbride said.

Among India’s key areas of weakness are the 2021 dissolution of the IP Appellate Board, combined with the longstanding issue of an under-resourced and overstretched judiciary, which raises serious concerns about rights holders’ ability to enforce their IP rights in India and to resolve IP-related disputes.

Limited framework for the protection of biopharmaceutical IP rights and patentability requirements which are outside international standards are the other weaknesses.

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The report, however, noted some bright spots as well. They include continued strong efforts in copyright piracy through the issuing of “dynamic” injunction orders; the 2019 precedent case law on online trademark infringement and damages; and generous R&D and IP-based tax incentives.