Get latest articles and stories on Latest News at LatestLY. India needs to adopt an “offensive posture” and international best practices with regard to intellectual property rights (IPR) with an aim to become the centre of the global knowledge economy, according to a working paper by the Economic Advisory Council to the Prime Minister(EAC-PM).
Agency News PTI| Nov 25, 2024 07:02 PM IST
New Delhi, Nov 25 (PTI) India needs to adopt an “offensive posture” and international best practices with regard to intellectual property rights (IPR) with an aim to become the centre of the global knowledge economy, according to a working paper by the Economic Advisory Council to the Prime Minister(EAC-PM).
The paper, titled ‘India and Global IPR Treaties’, said India must shed its traditional reticence to participate in international best practices that are critical to making India the centre of the global knowledge economy.
Also Read | Constitution Day 2024: Read Full Text of Preamble to Constitution of India on Samvidhan Divas.
“If India wants to be a major R&D hub and a place for cutting-edge manufacturing and IP generation, we need to move away from a defensive to an offensive posture.
“Instead of defending domestic markets, our focus must be on laying the groundwork for Indian innovators to capture global markets,” it said.
The paper noted that for far too long, India’s policies have been tuned to be defensive in benchmarking ourselves to global standards.
“This is ultimately counter-productive since we ultimately accept those foreign innovations anyway,” it said.
While emphasising that India must shed its traditional reticence to participate in international best practices, the paper said the Strasbourg Agreement on patents will entail no change in our domestic law, while the two treaties on industrial designs (Hague Agreement and Design Law Treaty) will require amendments to the provisions of Designs Act 2000 that deal with procedural elements.
Since Independence, the paper said India’s IPR system has been defensive because “we started with the assumption that Indian innovators cannot compete with international counterparts”.
“This is no longer the case with an unprecedented rise in domestic filings of IPR and even MNCs generating IPRs in India with their global capability centres,” the paper said.
It said India needs to take an offensive stance on IPR today as Indian entities are as likely to generate these IPRs with tremendous economic potential in the global markets.
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)