The International IP Index maps the IP ecosystem in 53 global economies, representing over 90 per cent of the global GDP.
The new report, 'Art of the Possible', evaluates how these 53 global economies approach intellectual property (IP) "from patent and copyright policies to commercialisation of IP assets and ratification of international treaties".
The International IP Index creates a template for economies that aspire to become 21st century knowledge-based economies through more effective IP protection.
This year, US and European economies remained atop the global IP rankings, while many emerging markets also showed a big improvement due to their commitment to adopt pro-IP measures.
"Since the release of the 2016 National IPR Policy, the government of India has made a focused effort to support investments in innovation and creativity through increasingly robust IP protection and enforcement," said Patrick Kilbride, Senior Vice President for GIPC at the US Chamber of Commerce.
As reflected in the 2020 Index, implementation of the IPR Policy has improved the speed of processing for patent and trademark applications, increased awareness of IP rights among Indian innovators and creators, and provided new regulatory tools to facilitate the registration and enforcement of those rights.
Many of India's most ambitious reforms were captured in previous editions of the International IP Index.
In the sixth (2018) and seventh (2019) editions, India made larger overall advances in the rankings than any other country.
That momentum continues this year, albeit at a slower pace, with the eighth edition indicating an improvement of nearly 7 per cent in India's score.
As the IP Index shows, India has made significant progress towards establishing stronger IP protections "but the job is not yet done. India continues to be a promising yet challenging market for technologically cutting-edge, IP-intensive industries".
Serious hurdles remain, particularly in the areas of patent eligibility and enforcement, the report said.
"IPR protection is a good news story for India," said US-India Business Council President Nisha Biswal.
"The Modi government has largely centralised IPR policy and enforcement, providing the resources needed to improve transparency and consumer awareness."
"India's sustained progress on the Chamber's International IP Index reflects a sustained effort by the Modi administration to capitalise on India's immense potential for innovation and creativity. As the US and India look to conclude a trade deal in the coming weeks, we hope that it will pave the way for innovation-focused partnerships between the countries which are two of the world's key democratic and market-based economies," said Kilbride.
( With inputs from IANS )