New Delhi, Feb 24 (IANS): India has slipped to the 43rd spot in the US Chamber of Commerce's latest International Intellectual Property Rights index.

India is ranked 43rd out of 55 countries for 2022. It was ranked 40th in the index in 2021.

The index was launched by the US Chamber of Commerce's Global Innovation Policy Centre and is closely monitored by the Indian government.

The index has said in its finding that a torrent of proposals - both domestic and international - are threatening to erode intellectual property (IP) rights.

The annual international IP index evaluates the protection of IP rights in 55 of the world's leading economies, together representing approximately 90 per cent of global GDP.

The report covers everything from patent and copyright laws to the ability to monetise IP assets and the ratification of international agreements.

By analysing the IP landscape in global markets, the index aims to help nations navigate toward a brighter economic future marked by greater innovation, creativity, and competitiveness.

"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's Global Innovation Policy Center, 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 utilization of IP assets. However, address long-standing gaps in its IP framework will be critical to India's ability to creating a new model for the region and India's continued economic growth," Kilbride said.