The US Chamber's International IP Index has ranked India second-last in its new index, indicating that the country's patent protection remains well short of international best practices and its law does not provide adequate enforcement mechanisms to effectively combat online piracy.
The 4th annual international IP index titled 'Infinite Possibilities', produced by the chamber's Global Intellectual Property Center (GIPC), measured the intellectual property (IP) environment in India alongside 37 other economies and found that India's score was largely unchanged. Venezuela finished last out of the 38 economies studied, while the United States ranked first.
Overall, half of the 38 economies improved their total score from last year's index, indicating increased recognition of the benefits of IP and a strong IP system.
The 38 economies benchmarked in the 2016 index accounts for nearly 85 per cent of global gross domestic product (GDP). The index is based on 30 measurable criteria critical to innovation including, patent, copyright and trademark protections, enforcement and engagement in international treaties among others.
This year's index illustrates that many countries embraced the upward momentum in the global intellectual property environment and continued to take steps to improve their IP systems.
"While we have been encouraged by the Modi administration's rhetoric to improve India's IP environment, we have yet to see it translate into concrete action. Nations like Thailand, who surpassed India in the rankings this year, provide an example of the way that incremental changes to a country's IP framework can strengthen the overall IP ecosystem.
''All countries should look at the Index and incorporate the infinite possibilities that exist to improve their IP environment to encourage the next greatest innovation takes place on their soil," said David Hirschmann, president and CEO, GIPC.