Finance Minister Nirmala Sitharaman said the country is at a stage where its focus on growth and development must be strengthened from all sides, and intellectual property rights (IPRs) play an important role.
At the National Seminar on the Arbitrage of IPR Disputes in India, hosted by the Delhi High Court, Chief Justice of India NV Ramana and other judges attended her in 2021 against 4,000 cases from 2013 to 2014. Said that 28,000 patents were granted to India. This year also has a trademark registration of Rs 25,000 and more than 16,000 copyright registrations, which will have a “very strong spillover effect” on the economy.
“These are not a few. This is the strength of the economy and supports such innovations and copyrights. All of these have a very strong spillover effect on the economy itself when scaled up, with its own ecosystem and profits. “I will produce,” added Mr. Sisaraman.
The Finance Minister said the center encouraged startups while protecting the IPR, as “giving up restrictions” alone could not help.
She also emphasized the importance of innovation to the economy: “Innovative activity brings about 7 to 8 if general manufacturing and general production give level 3 (on a scale of 10).” Said.
“As we removed restrictive rules and regulations, we were confident that we were providing a framework for them to work. We were supporting not only start-ups, but also the country’s R & D.” Mr. Sisaraman said.
“India is at a stage where it needs to strengthen its focus on growth and development from every aspect. IPR plays a very important role in that,” she says.
The Federal Minister said that judicial support has further facilitated the innovation and copyright brought to India, and that there is now a systematic approach to addressing the issue of intellectual property rights.
“The (IPR) bench has been set up (in the Delhi High Court). You will face the challenge of increasing the number, but with this kind of support, knowledge sharing, rule setting and framework provision, I think the court will be much easier to tackle this challenge, “she said.
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