India's lack of intellectual property protections may be holding its economy back.

India lags behind on intellectual property for the second year in a row

February 3, 2014 4:43 pm Published by Leave your thoughts

In the United States, industries that rely on intellectual property provide about $5.8 trillion per year to the national economy. Recently, the Global Intellectual Property Center's (GIPC) annual report found that the U.S.' stance on protecting patents and intellectual assets is higher than any other nation, receiving a 23.73 points out of a possible 25.

On the other side of the spectrum, the GIPC found that India has the least amount of laws in place to enforce intellectual property, only scoring 6.24 points altogether. This is the second consecutive year this developing country was ranked last by the GIPC.

"The Indian government must not only strengthen its intellectual property laws but also promotes [sic] greater intellectual property protections through court decisions in order to further innovation both in India and around the world," the report reads.

India has not been able to attract a significant amount of foreign direct investments, whereas its international colleagues Brazil, Russia and China have. When comparing the number of patents filed, research and development or intellectual assets, India's lack of regulation and enforcement on intellectual property laws continues to put the Asian nation at a significant disadvantage. Neglecting to do so may cause India to fall further behind in the international community, even though it was deemed to be a growing market.

In the U.S., intellectual property protections allows over 55 million Americans to have a job. Whether they are a part of the technology, fashion design or film work sectors, this nation believes intellectual property laws allows them to be "among the most innovative in the world," Reuters' contributor Doug Palmer explained.

Despite these laws that are readily available for startups and individuals, the intellectual property business continues to be challenged by other organizations. Business owners who want to ensure that their trade secrets are protected may want to reach out to a small business attorney.

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