New Delhi: India is poised to become a leader for emerging markets looking to change their economies through IP-driven innovation, according to the International IP Index published by the US Chambers of Commerce. This places India 42nd among 55 top global economies. "India is ripe to become a leader for emerging markets seeking to transform their economies through IP-driven innovation," Patrick Kilbride, Senior Vice President of the US Chamber of Commerce Global Innovation Policy Center, who publishes the annual report, said on Friday. "As India's size and economic influence grows on the global stage."

India has kept up its robust battle against property piracy.

India has reportedly kept ongoing strong efforts in copyright piracy through the issuance of "dynamic" injunction orders, according to the report, which includes everything from patent and copyright legislation to the ability to monetise IP assets and the approval of international agreements. Along with having substantial R&D and IP-based tax benefits, India also makes a significant effort to raise public consciousness of the damaging effects of piracy and counterfeiting. It claimed to be a pioneer in the field of tailored administrative rewards for the development and utilisation of IP assets for SMEs.

Indian authorities have taken action against material that violates copyrights.

"In addition to providing a world-class framework to encourage improved knowledge and use of IP assets, India has taken measures to strengthen enforcement against copyright-infringing material. But for India to be able to develop a new paradigm for the area and continue its economic development, it will be crucial to resolve long-standing gaps in its IP structure" declared Kilbride.

However, the report stated that there are serious concerns about the ability of IP rights holders to enforce their IP rights in India and to settle IP-related disputes as a result of the 2021 dissolution of the Intellectual Property Appellate Board, in addition to the long-standing problem of an under-resourced and overworked judiciary.

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