Tuesday, March 22, 2011

Nepal ranks 100 in property rights among 129 countries

Nepal ranked at the 100th position with a score of 4.4 out of 10 -- putting it in the bottom 20 per cent of the quintile in the International Property Rights Index for this year -- among the 129 countries.
The report launched globally today was launched by the Samriddhi Foundation here in the valley.
Compared to last year's score of 4, Nepal has scored a little higher to 4.4 due to improvement in Physical property rights but in overall property Right Status Nepal has scored 3.2, in Legal and Political Environment 5.8, in Physical Property Rights and 4.1 and in Intellectual Property Rights 4.1.
Flanking neighbours to Nepal -- Peoples Republic of China and India -- on the other hand have scored 5.5 and 5.6 respectively making the countries in the list of the countries, where there is more property rights.
Sweden and Finland have tied for the top spot in this year's index with a score of 8.5, Finland has retained its top spot for the fifth year in a row, whereas in South Asian region, Pakistan and Bangladesh that are below Nepal, scored 4.1 and 3.6, respectively. Nigeria with 3.9 is in the bottom of the list, according to the index.
While in the context of Property Rights and Gender Equality, Nepal ranks 68th along with Zambia and Uganda.
The International Property Rights Index (IPRI) is a publication of the Property Rights Alliance, with sixty-seven think tanks and policy organisations in fifty-three countries involved in research, policy, development, education and promotion of property rights in various countries.
"Wherever there has been a rights to property, those countries have shown to have better GDP, a stronger Foreign Direct Investment (FDI) inflow and more income," said senior economic journalist Prateek Pradhan. "Property Rights and Intellectual Property Rights need to be secured in Nepal too for the economic growth."
Stating that majority of the people are unaware of Property rights in Nepal, he said that personal property, roughly speaking, is a private property that is moveable, as opposed to real property or real estate. In the common law systems personal property may also be called chattels or personality.
In the civil law systems personal property is often called movable property or movables - any property that can be moved from one location to another. This term is in distinction with immovable property or immovable, such as land and buildings. Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; discoveries and inventions; and words,phrases, symbols, and designs.

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