Chennai: The US Chamber of Commerce’s Global Innovation Policy Center (GIPC) in its seventh annual International Intellectual Property (IP) Index stated that India has jumped eight places in the rankings from 44 to 36 of the top 50 economies.
The index titled “Inspiring Tomorrow” ranks economies based on 45 indicators that are critical to an innovation-led economy supported by robust patent, trademark, copyright, and trade secrets protection.
The report stated that the improvement reflects important reforms implemented by Indian policy makers toward building and sustaining an innovation ecosystem for domestic entrepreneurs and foreign investors alike.
“For the second year in a row, India’s score represents the largest gain of any country measured on the Index, which covers over 90 per cent of global gross domestic product,” said senior vice president of GIPC, Patrick Kilbride.
“As the world’s fastest growing major economy undertakes steps to improve its innovation ecosystem, it can empower the next generation of Indian innovators, unleash the creation of 21st century content, and transition itself into a true knowledge-based economy. The global economy benefits when India thrives,” he said.
The index findings also show that pro-IP policies in India have the potential to transform the Modi administration’s programs such as “Accelerating Growth for New India Innovations”, “Startup India”, and “Digital India” to economic reality.
It presents an objective, data-driven view of competitiveness in a global market, based on criteria used by thebusiness community when determining where to invest, the report said.