The ‘International Property Rights Index’ (IPRI) is an annual study published by ‘Property Rights Alliance’ (PRA) that aims to measure and compare the strength of property rights—both physical and intellectual—across 131 countries in the world. The study is conducted in collaboration with 74 think tanks and policy organizations involved in research, policy development, education and promotion of property rights in their countries. Since its inception in 2007, the index has come to empirically demonstrate the importance of secure property rights in economic development.
As part of its rigorous methodology, the IPRI measures the strength of the political and legal institutions of a country. Among other things, it takes into account the independence of the judiciary, the rule of law, the ease of securing credit and the legal protection extended to physical and intellectual property.
Additionally, the index factors in gender-based disparities in access to property, land and credit. For a detailed summary of the data methodology, Click Here and Click Here.
At present, India ranks a dismal 46 of the 97 countries that feature in the index. On a scale of 0 to 10, India has stagnated around 5.5 in the last 8 years. With respect to Intellectual Property Rights (IPR), India stands in at 50 of the 97 countries. There exist significant challenges in India’s property rights regime which need to be addressed.
India IPRI Ranking- 2014
Unfortunately, these discussions do not figure prominently in the public discourse and are neither manifest in the political will of the governments. While there is much talk about bringing in ‘economic reforms’, the most vital and basic of reforms of strengthening property rights somehow elude out political leaders.