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“A 14-year-old has invented a device to pick up dust in crowded streets; such innovations from young minds should be encouraged and rewarded,” said Justice KN Basha, Chairman, Intellectual Property Appellate Board, at the Southern India Chamber of Commerce and Industry (SICCI) meet on Intellectual property here on Sunday.
Basha said intellectual property is an asset that would add value to the economy when the innovations are devised in the interest of the public.
Jawahar Vadivelu, President, SICCI, said nearly 40 per cent of economic activities in the European Union is generated by IP-intensive industries accounting for €4.3 trillion each year, generating 77 million jobs depending directly or indirectly on sectors that rely on IP, according to a recent study.
He said that IP will be the back-bone of an economy as it will help create jobs through innovations that could be mass-produced.
TV Madhusudhan, Deputy Controller Patent and Design, Patent Office, Chennai, said patents when commercialised not only benefit the holder but is capable of creating jobs enabling growth across sectors.
Madhusudhan said there is lack of awareness when it comes to intellectual property which needs to be addressed.
PVS Giridhar, Senior Partner, PVS Giridhar and Sai Associates, said commercial viability of a patent is significant since by collaborating with industry players in different sectors, the idea could be commercialised, which would help in the growth of the economy.
“Companies such as Taiwan-based Foxconn cater to iconic brands like Apple and Microsoft. The only differentiator between India and Taiwan is the original design manufacturer patent they possess, which gives them leverage over us,” he said.
Giridhar said that India, which only has original equipment manufacturer patents, should work towards developing its own indigenous methods and patent it in order to be competitive.
Shilpi Jha, Senior Counsel – South-Asia US Embassy, said there is no ecosystem in place in India that facilitates IP.
Shilpi said that India lack in infrastructure and has no proper enforcement authority that protects the patent holders from infringement. Introducing laws that support investment and innovation will encourage young talent, she added.
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