Finance Minister Nirmala Sitharaman said on Saturday that India is at a stage where the focus on growth and development has to be strengthened from all sides and Intellectual Property Rights (IPR) has an important role in this.
The Minister mentioned that 28,000 patents were granted last year as against 4,000 in 2013-2014 and last year also 2.5 lakh trademarks and over 16,000 copyrights were registered, which will have a very strong impact on the economy.
“So, these are not small numbers. That’s the power of the economy, in supporting such innovations and copyrights, when scaled up all have a very strong ripple effect in the economy itself and it’s own ecology.” The mechanism will generate more revenue,” Sitharaman said.
Sitharaman was speaking at the ‘National Seminar on Adjudication of IPR Disputes in India’ here, organized by the Delhi High Court and attended by Chief Justice of India NV Ramana and other judges.
The minister said the central government, while protecting their IPRs, encouraged start-ups as the boost would not be possible only with “leaving the restrictions”.
He also highlighted the importance of innovation to the economy, saying that “if normal manufacturing and general production give you a level of 3 (on a scale of 10), innovative activities bring about a 7 to 8.”
“As we were removing restrictive rules and regulations, we were also making sure that we give a framework within which they can operate. Not only are start-ups, but we are also supporting R&D in this country were,” Sitharaman said.
He said, “India is at a stage where the focus on growth and development has to be strengthened from all sides. IPR plays a very important role in this.”
The Union Minister said that the support of the judiciary has encouraged more innovations and copyrights to come to India and there is now a systematic approach to deal with IPR issues.
“(IPR) Bench has been set up (in Delhi High Court). You are going to face the challenge of increasing numbers, but this kind of support, knowledge being shared, rules are being laid down, which framework is being provided. being done, I think it will be much easier for the courts to accept this challenge.”
Sitharaman also said that the Intellectual Property Protection Scheme, which started as a pilot scheme in 2016, has been extended till 2023.
The plan states that the costs of facilitators or what they have to pay for challenges in court were all borne by the government through the office of the Controller General of Patents, Designs and Trademarks, she said.
“I think this is going to be one of the important ways in which we can support technology and innovation but that support is just to make sure people don’t hesitate from a cost standpoint. Because it’s cost prohibitive. It’s going to happen, people are going to hesitate. We need all the innovations, we need all the patents because the economy benefits from all kinds of scale. It’s much more than just normal regular activity,” she said.
The minister said that since 2014, the central government has been taking steps to identify and support services that are impacted by innovation, such as drone services, research and development in defence, energy, artificial intelligence, etc.
“Economic activity is moving towards areas that are dependent on having their patents registered, copyrights registered.. These are going to be cross-border things,” he said.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)
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