Unlocking Prosperity: Intellectual Property Rights Set to Ignite India's Economic

New Delhi: Intellectual Property Rights (IPRs) are positioned to be a driving force behind substantial economic growth in India and globally in the coming decade, according to Unnat Pandit, Controller General of the Intellectual Property Office. Speaking at the CII’s 9th International Conference on IPR, Pandit emphasized India’s commitment to IPR-led growth and highlighted the increasing significance of Geographical Indications (GIs) in fostering economic development.

Underlining the importance of collaboration between industry and academia in the realm of intellectual property, Pandit referenced the government’s focus on facilitating economic reform and development through IPRs.

Masanori Katsura, Deputy Commissioner of the Japan Patent Office, also addressed the conference, expressing that India holds immense potential in areas such as digitalization, green energy, and semiconductors. He anticipated an upswing in progress through international partnerships and underscored the crucial role of adequately protecting IPRs to encourage innovative collaborations.

The conference witnessed the release of four thought leadership reports addressing IPR issues in the pharmaceutical and manufacturing sectors. Additionally, Geographical Indication (GI) booklets for Madhya Pradesh and Gujarat were unveiled, aligning with the government’s ‘Vocal for Local’ and ‘One District-One Product’ mission, aimed at promoting and supporting local artisans and craftsmen.

The pharmaceutical report predicted a growth exceeding $372 billion in the sector by 2024, with a compound annual growth rate (CAGR) of 22.4%. It also estimated the medical device market reaching $25 billion. The report called for revised guidelines on pharmaceutical, biological, and radiopharmaceutical inventions to address current IPR concerns.

The manufacturing IPR report underscored the sector’s contributions to India’s GDP growth and employment generation, at 15% and 12%, respectively. It highlighted common IPR issues in Indian manufacturing and proposed recommendations to address the key needs of the IPR ecosystem.

These GI booklets for Madhya Pradesh and Gujarat are aligned with the government’s mission to promote local products and encourage artisans and craftsmen as part of the ‘Vocal for Local’ and ‘One District-One Product’ initiatives.