A senior US diplomat has stressed on the need for conducting a detailed study on the impact of intellectual property on India's economy, saying the country should examine ways to ensure IP rights in all businesses.
"India, with its great heritage of creativity and innovation, should look at ways to ensure IP rights in all sectors of business. To date, no comprehensive analysis has been done on the impact of intellectual property on India's economy", US Consul General Jennifer A McIntyre said.
We see the impact anecdotally every day; from Bollywood to Bangalore's high tech sector, from Hyderabad's innovating drug companies to India's home-grown brands. Piracy and counterfeiting rates will continue to rise without effective and consistent enforcement efforts", she said.
She was taking part in a conference, "Compete and grow, Globally" organised by Indo-American Chamber of Commerce and Industry here late last night.
She observed that efforts in enforcing IP rights, would ultimately improve India's public health and safety, encourage creativity and innovation and provide for economic and job growth. "Quite simply, it can improve India's future".
Effective enforcement of IP laws with consistent record of convictions was a necessity for all countries "developed" and "developing alike", she said, "IP rights enforcement strengthens the investment climate to attract and retain innovative companies and creative artists that are engines of economic growth".
"Going forward, we encourage Indian government to make additional legislative changes and reforms that may be used to aggressively prosecute and issue deterrent penalties in IP cases", she said.
She said a most significant area where the Indian government, industry and the US can help each other was through continuing and expanding the cooperation in delivering enforcement related capacity building.
Stating that the US was the second largest exports market for Indian manufacturers, she said "it is important that Indian manufacturers consider aspects of software compliances". Referring to a KPMG report, she said Indian companies, which use only genuine and licensed software and stay fully compliant of unfair competition laws, can tap business opportunities in the United States.