Mr Rajendra Ratnoo, Joint Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), and Controller General of Patent, Designs and Trademarks, GoI, yesterday stated that the rise of the Indian market depends upon the MSME sector, and 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 webinar on ‘From Minds to Industry: IP Exploitation by MSMEs’, coordinated by FICCI, to commemorate the World Intellectual Property Day 2021, Mr Ratnoo emphasized on the need for Indian SMEs to greatly protect their innovative products.
Mr G R 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.
Mr Narendra Sabharwal, Chairman, FICCI IPR Committee & Former Deputy Director General, WIPO, stated that worldwide small and medium enterprises are the driving force behind several inventions. Successful SMEs have managed to bolster an idea to make a product which consumers desired, used IP rights to safeguard it and generated 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 adapt IP in company operations, particularly considering that the emerging technological advancements.
The webinar has been attended by over 150 delegates, including senior policy makers, administrators, IP specialists from the business and the legal fraternity who deliberated on topics which range from the demand for an increasingly powerful 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 commercialisation, amongst others.