India is a popular destination for foreign companies looking to exploit intellectual property rights, according to a new study by the World Intellectual Property Organization.
More than a third of Indian companies are involved in the IP-related industries, according the study.
A key focus of this industry is the online platform and e-commerce platform Flipkart, which has made headlines for its controversial sale of its own smartphone.
India has also emerged as a source of IP-linked patents, the report said.
It also notes that Indian companies often use a range of legal strategies to protect intellectual property from foreign competition.
Among the most important are patent protection laws, patents that can be revoked at will and patents that are subject to compulsory licensing, the study said.
The IP-intensive industries include: software development and testing, healthcare, consumer goods and technology, finance, technology, and manufacturing, according TOI’s Global IP Index.
India is also one of the fastest growing countries in the world, with a growth rate of 1.7% in the first quarter, which beat China’s 1.6%.
India’s economy grew at an annual rate of 2.1% in 2014, according a recent report by McKinsey & Co. The country has experienced a rapid rise in the number of patents, with the number now standing at nearly 1.4 million.
While India has a growing number of patent lawsuits filed against it, the country still has a relatively low number of foreign patents filed in India, according an analysis by IP Insights, a market research firm.