JOIN USStringent laws and collaborative enforcement are vital to safeguard intellectual property rights in India, as businesses in global economy focus on actively managing the intellectual property to remain competitive, former Chief Justice of India Dipak Misra said on Thursday.
Misra, who was speaking at a conference on 'Intellectual Property through collaborative enforcement' emphasized that while the property of the mind or proprietary knowledge has been recognized over centuries, it has gained significance in the current context due to developments in technology and trade.
"The increasing significance of intangible assets in the global economy is forcing business corporations to actively manage their Intellectual Property concepts as a key driver for building and sustaining competitive advantage and achieving superior performances," he said at the conference organized by Ph.D. Chamber of Commerce and Industry.
In ancient India, knowledge sharing surpassed all other forms of giving, he said and added that IP today builds strategic alliances of socio-economic and technological growth. It is, in fact, the basic structure of sustenance in a competitive economic state.
"IPR is necessary to promote inventions...In present times, the statutory regime is in force and its in consonance with the framework of progressive countries...That is not enough. Some more stringent laws are required because we are growing as a developing economic nation," he said.
"We are advancing to such a degree of development, we have to have the control, we have to have protection and have to give protection to people who are creating, inventing, or busy in innovation," he said.
Stressing on the need for cooperation between regulators, rights owners, and citizens, Misra said that a collaborative effort and intellectual vigilance is key to a strong IPR framework that protects creators and provides strong punishment for violators.