The Hindu Business Line : India will meet deadline for patent protection: Kamal Nath

EVEN as the Left parties have petitioned the Government on the need for addressing concerns of Indian companies before amending the patents law, the Commerce Minister, Mr Kamal Nath, today said the country would meet the deadline for product patent protection.

"Our Patent Law is currently fully TRIPs compliant. Our obligations require that we provide for product patent protection with effect from January 1, 2005. We shall do it," the Minister said here inaugurating CII's OECD-India Investment Roundtable.

He said the medical expertise and paramedical skills available in India make it an ideal place for pharmaceuticals and clinical research.

Making a pitch for higher FDI, he said economic reforms have unleashed productive capacities and it would be taken forward.

"Reforms enjoy broad political consensus and the Government was committed to reduce transaction costs and do away with archaic rules and procedures," Mr Kamal Nath said.

He said India along with Russia and China would shape global economy in the future. Despite many positives in the country's economy, concerns over infrastructure and poverty still persist, he said.

Big role for FDIs: The Deputy Secretary General of OECD, Mr Richard Hecklinger, said investment has a vital role to play in ensuring the continuation of rapid economic growth.

"In addition to investment capital mobilised within India, a much greater role can be played by FDI. Good investment policies attract FDI, which in itself promotes economic and employment growth.

It also encourages domestic investment via the supply chain," he said.

He said governments could maximise the spill-over effects of FDI on the domestic economy by removing bureaucratic hurdles and providing access to knowhow and finance to local entrepreneurs.

Forex a `crude' cushion: The World Bank Country Director, Mr Michael Carter, said: "India has enormous cushion of foreign exchange reserves. The rising crude oil prices are not a reason for immediate concern. Any impact it can have on India's growth prospects will be at the margins."

Better-managed economies like India can handle the impact of hike in crude oil prices, he said on the sidelines of the Roundtable.

He said the private sector in India continues to be constrained by a number of bottlenecks like lack of availability of reliable power at reasonable cost and `Inspector Raj' that imposes significant costs on businesses.