Rajendra Ratnoo, Joint Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), and Controller General of Patent, Designs, and Trademarks, GoI, stated that the rise of the Indian market depends upon the MSME sector. The government has been taking all necessary steps to spread awareness regarding the importance of intellectual property rights in safeguarding and protecting their imaginative inventions.

Addressing a webinar on ‘From Minds to Industry’, Intellectual Property rights or IP rights exploitation by MSMEs’, coordinated by FICCI, to commemorate the World Intellectual Property Day 2021, Ratnoo emphasized the need for Indian MSMEs to protect their innovative products significantly.

GR Raghavendra, Joint Secretary, Ministry of Law and Justice, highlighted that India’s thriving creative sector has to become more and more conscious of the Copyright law terms such as moral and economic rights, ownership and royalty terms, the legal treatments, letting them profit by monetization and supply of the creative works. In addition, he published a Writer ‘COPYRIGHT 101’ on the event, developed by FICCI in conjunction with Creative First and IPRMENTLAW, detecting that it’d be a helpful guidebook for creators and content producers from the entertainment and media market.

Narendra Sabharwal, Chairman, FICCI IPR Committee & Former Deputy Director-General, WIPO, stated that small and medium enterprises worldwide are the driving force behind several inventions. Successful SMEs have managed to bolster an idea to make a product that consumers desired, use IP rights to safeguard it, and generate value for their enterprise. 

Underlining the inherent progressive skills of India’s medium and small companies, he highlighted that MSMEs have to be encouraged and motivated to increasingly adopt IP in company operations, particularly considering that the emerging technological advancements.

Over 150 delegates have attended the webinar, including senior policymakers, administrators, IP specialists from the business and the legal fraternity who deliberated on topics that range from the demand for an increasingly robust IP ecosystem for India to become a knowledge economy, the vital purpose of IP for its rise and achievement of MSMEs, as well as the paths available IPR commercialization, amongst others.