India undertakes generous research and development (R&D), offers IP-based tax incentives, makes strong efforts to make masses aware regarding the negative impact of piracy and counterfeiting, and is a global leader on targeted administrative incentives for the creation and use of IP assets for SMEs, it said.

“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 Centre, which 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 create a new model for the region and India's continued economic growth,” Kilbride 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, the report noted.

Fibre2Fashion News Desk (DS)