News Tech: Finance Minister Nirmala Sitharaman said on Saturday that India is at a stage where it needs to increase its focus on growth and development across all fronts, and intellectual property rights (IPR) play a key role in this. The minister said that from 2013 to his 4,000 in 2014, last year he was granted 28,000 patents, last year he had 2.5 million trademarks and he had more than 16,000 copyrights. registered and said it would have a “very strong domino effect” on the economy. “So these are not small numbers.
Recovery was not possible simply by “abandoning restrictions.” In addition, he emphasized the importance of innovation in business, saying, “When manufacturing in general and production, in general, are given 3 points out of 10, innovation activities are around 7 to 8 points.” By eliminating regulations, we have established a system that can be operated. We have helped R&D in the country as well as startups,” he said. “India is at a stage where it has to strengthen its growth and development direction from all sides and in this respect she said IPR will play a very important role,” she explained.
This is the power of business to support that kind of innovation and intellectual property, all of which, if scaled up, would have a very strong domino effect on the economy itself, It will create its own ecosystem and revenue,” he said Sitharaman. Sitharaman spoke at the National Seminar on Adjudication of Intellectual Property Disputes in India, hosted by the Delhi High Court and attended by Chief Justice of India NV Ramana and other judges. The minister explained that the central government is encouraging startups while protecting intellectual property rights.
The federal minister said judicial support has brought more innovation and intellectual property to India and there is now a systematic approach to addressing intellectual property rights issues. “The (IPR) Bank has been established (at the Delhi High Court). I think that would make it much easier for the courts to address that issue. Sitharaman also said the intellectual property protection program, which started as a pilot program in 2016, has been extended to 2023.