2024-08-10 07:09:14
The growth highlights India’s growing importance in global innovation and intellectual property. The report, published by the World Intellectual Property Organization (WIPO), for the first time breaks out data on India’s intangible investments. Intangible assets include research and development, technological know-how, software and data, design, brand and reputation, all of which contribute significantly to creating value for businesses and the economy.
Sasha Wunsch-Vincent, head of the Economics and Data Analysis Division of the World Intellectual Property Organization and one of the authors of the report, said: “India has the fastest growth in intangible investment, exceeding the growth rate of many developed economies, mainly due to its strength in software and data.”
Excluding the informal sector, intangible investment accounted for more than 10% of India’s GDP in 2019. This proportion is comparable to the average for the 22 EU countries and higher than Japan’s 9%. The data suggests that India’s intangible investment intensity is higher than expected given its level of development.
The main drivers of India’s intangible asset growth were software and data, new financial products, and increased investment in domestic brands. These factors together contributed to India’s strong performance in global intangible asset investment.
India’s progress in intangible asset investment reflects a broader trend of recognizing the critical role of intellectual property and innovation in a country’s economic growth. India’s impressive growth rate in this area has made it stand out among emerging and developed economies, supporting its thriving position on the world stage.
1723277878
#Indias #intangible #investment #growth #outpaces #major #economies
