As Indias economy grows, so does attention to Intellectual Property

An Intellectual Property (IP) expert explores India's momentum and platforms to meet the challenges of IP rights head on. India continues to maintain its position as the world's fastest-growing economy, a trend that coincides with the implementation of the nation's first National Intellectual Property Rights (IPR) Policy and a huge upswing in IP applications in the country. In the first quarter of the 2018-19 fiscal year ending June 30, India's gross domestic product (GDP) grew 8.2 per cent, outpacing its 7.7 per cent growth in the previous quarter. In comparison, China, the world's second largest economy, reported a 6.7 per cent growth in GDP in its first quarter. At the same time, registrations for trademarks in India increased by an astounding 284.5 per cent during calendar year 2016-17, the latest year for which statistics are available. According to the WIPO's World Intellectual Property Indicators 2017 report, India was ranked fifth in the world in terms of the number of trademark filings. What is made clear by these figures is the significance of the Indian government's increased recognition of IP, including trademarks, as a contributor to economic growth. Trademarks and other IP also encourage vibrant competition, which benefits consumers, job holders, brand owners, and society at large, and enables consumers to make quick, confident, and safe purchasing decisions. Extensive research undertaken by the International Trademark Association (INTA) illustrates the impact that trademarks and IP have on regional economies. In recent studies, for example, INTA found that the contribution of trademark-intensive industries, defined as industries with an above average use of trademarks such as fashion, food and beverages, media technology, and pharmaceuticals, to GDP varied between 17 and 50 per cent in Southeast Asia (Indonesia, Malaysia, the Philippines, Singapore, and Thailand), and between 10 and 21 per cent in Latin America (Chile, Colombia, Mexico, Panama, and Peru). In 2017, India's 50 top brands grew by 21 per cent in value to an unprecedented $109.4 billion, according to BrandZ, a brand equity database. This included growth of local brands, 38 of which are now part of India's top 50, compared with 35 in 2014. Among the Indian government's initiatives, the National IPR Policy, put in place in 2016, recognises the economic necessity of fostering increased creativity and innovation. Actions taken since the implementation of the policy raise the standards for which IP rights are secured for brands and the tools available to enforce those rights. Other initiatives to bolster economic growth include Make in India, implemented to transform India into a global design and manufacturing hub, and Digital India, aimed at increasing internet connectivity and making the country digitally empowered in the field of technology. Other noteworthy changes for trademark protection in India include amendments to the country's Trademark Rules aimed at simplifying and expediting procedures, increasing staff support at the Indian Intellectual Property Office (IP Office), digitization of records, increased engagement with stakeholders with an automated feedback mechanism, and improved harmonization with various other Intellectual Property Offices.

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