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Intellectual Property Rights to fuel economic growth in India: Unnat Pandit


New Delhi: Intellectual Property Rights (IPRs) are poised to drive significant economic growth in India and the world over the last decade, said Unnat Pandit, Controller General of the Intellectual Property Office, on Monday.

Speaking at the 9th CII International Conference on IPR, Pandit emphasized India’s commitment to CII-led growth and noted the growing importance of Geographical Indications (GIs) in driving economic development.

Emphasizing the need for collaboration between industry and academia on intellectual property, Pandit cited the government’s focus on fostering economic reform and development through IPRs.

Masanori Katsura, deputy commissioner of the Japan Patent Office, spoke at the conference, saying that India has huge potential in areas such as digitization, green energy, and semiconductors, and that he expected increased progress through partnerships international. Katsura emphasized the critical role of adequately protecting CMIs to encourage innovative collaboration.

The event also unveiled four thought leadership reports that addressed IPR issues in the pharmaceutical and manufacturing sectors, as well as GI booklets for Madhya Pradesh and Gujarat.

The pharmaceutical report forecasts that the growth of the sector will exceed $372 billion by 2024, increasing at a compound annual growth rate (CAGR) of 22.4%. He also estimated that the medical device market reached $25 billion. The report calls for revised guidelines for pharmaceutical, biological and radiopharmaceutical inventions to address current IPR concerns.

The IPR report on manufacturing highlighted the sector’s contribution to India’s GDP growth and employment generation, at 15% and 12% respectively.

He highlighted common IPR issues in manufacturing in India and suggested recommendations to help address the key needs of the IPR ecosystem.

These GI booklets for Madhya Pradesh and Gujarat, in line with the government’s ‘Vocal for Local’ and ‘One District- One Product’ mission, will help promote and encourage local artisans and craftsmen.

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Updated: 20 November 2023, 07:56 PM IST

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