What is Intellectual Property?
Intellectual property associate with any original creation of the human intellect like technical, literary, artistic, and scientific creation. (IPR) Intellectual Property Right means to give the legal rights to the inventor or creator to secure his creation or invention for a certain period. This right conferred an absolute right to the inventor to fully utilize his creation or intervention for a specified time (in term of years). It helps us to know that IP plays an important role in the economy. It has been decisive settle that the intellectual labor consociate with innovation should be given due to importance so that public proceed from it.
IPR ensures that the investor can earn from his creation for a particular period in the meanwhile no other person can use that creation without the permission of the real owner. IPR is a strong tool to secure inventor time, money, and to protect investment, therefore IPR, in this way helps the economic development of a country through promoting healthy competition and encouraging the development and growth of the industry.
Types of Intellectual Property
- Patents: is a monopoly right giving to an owner of a patent who willingly invented a new product or process of making under the Indian Patent Act, 1970 for 20 years. Basically patent works after applying it and then his or her invention went publically. It is very expensive.
- Trademarks: It is a unique identity of any product invented by them i.e. it can be a word, name, brand, symbol, label, etc. We can make them registered and after that, it will be used as ® and ™, whereas ® represents that it is registered with a country’s trademark office and ™ represents that the user is claiming rights to the brand without registering the trademark. The validity is for 7 years. It is inexpensive.
- Trade Secrets: It gives a great advantage in business if it keeps it a secret. It should be maintained very well, whereas it can’t be patentable. These are not registered with any government of India or with any agency. It depends upon the situation.
- Copyrights: It explains that anyone has the exclusive right to do or authorize others to do any certain facts concerning literacy, dramatics, music albums, cinematic and programs, and so on. But there must be permission required to do so. It is inexpensive.
Background of India Rank in Intellectual Property Index
As very well said by the US Chamber of Commerce’s Global Innovation Policy center i.e. GIPC, – India has made significant progress in protecting intellectual property, but the “job is not yet done”. According to the previous year 2019, India’s index overall score was 36.04% and was at 36th rank out of 50. In 2018 year, India was at 44th rank out of 50 countries.
And now in 2020, our country percentage is 38.46, and there is a 2.42% increasing in the index. The govt. of India has made a focused effort to always support investments in innovations and creativity. Since 2016, India is continuously improving the speed of processing for trademarks and patent applications. As they are working hard on this so that they can increase awareness of IP rights in Indians innovators. Similarly, many of the countries index are given below from which the US is the country who scores the most from all i.e. 95.28%
- UK – 93.92%
- France – 91.50%
- Germany – 91.08%
- Sweden – 90.56%
- Japan – 90.40%, and so on!
India Rank in Intellectual Property Index
India always is one of the world’s leading markets for intellectual property industries. Nowadays, India ranked 40th of the 53 global economies in the intellectual index, but somewhere many issues are coming outside from patent and copyright policies to the commercialization of IP assets and ratification of international treaties.
In 2020 year, there are three new economies which have been added to the global index that are:
- Dominican republic
As global IP index was released by the global innovation policy center or GIPC.
- Patents, related rights, and limitation
- Memberships and ratifications.
These are some indicators that are taken into while surveying or while we are ranking the countries according to their performances.
India is growing day by day and makes a good place in all the countries by increasing the index percentage, and from this Indians also get more innovative by working together. The index has been framed so that India can directly hear about the business community on any IP related issues and can considering investments in new markets. It gives the best way to relate investments. From this economic development and social-cultural rights are being entitled.