India improves in International IP Index 2022

Context

India has improved its overall IP score from 38.4 percent to 38.6 percent, and the country is ranked 43 out of 55 countries on the International Intellectual Property Index 2022.

Key-points

• The 'Global Innovation Policy Center' of the U.S. Chamber of Commerce released the 'International Intellectual Property Index-2022’.
• In July 2021, the Parliamentary Standing Committee on Commerce released a Review of the Intellectual Property Rights Regime in India. 
• This review is a welcome development and offers a comprehensive and detailed study of the strengths and weaknesses of India’s national IP environment.
• It assesses intellectual property rights in global economies ranging from patent and copyright policies to commercialization of intellectual property assets and ratification of international treaties.
• In this index, India is ranked 43 out of 55 countries, while in the last year, India was ranked 40.
• The five world's best-ranked countries in this index are the US, United Kingdom, Germany, Sweden and France respectively
• Venezuela is at the last position.

About US Chamber of Commerce (USCC)

• It is the world’s largest business federation, representing over 3 million companies of all sectors, sizes, and regions, as well as regional and state chambers of commerce and industry groups.
• It also advocates policies that help in growing the economy of businesses and their job creation.  
• USCC was founded in 1912.
• USCC is located in Washington D.C. 

About Global Innovation Policy Centre (GIPC)

• The USCC’s principal institution is the GIPC and handles all the issues which are related to creativity and innovation by advocating strong standards of intellectual property. 
• The GIPC is working to promote creativity and innovation across the globe through intellectual property standards that save lives, create jobs, cultural prosperity, and advance the global economy.