A senior US diplomat has stressed on the need for conducting a detailed study on the impact of intellectual property on India's economy, saying the country should examine ways to ensure IP rights in all businesses.
"India, with its great heritage of creativity and innovation, should look at ways to ensure IP rights in all sectors of business. To date, no comprehensive analysis has been done on the impact of intellectual property on India's economy", US Consul General Jennifer A McIntyre said.
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We see the impact anecdotally every day; from Bollywood to Bangalore's high tech sector, from Hyderabad's innovating drug companies to India's home-grown brands. Piracy and counterfeiting rates will continue to rise without effective and consistent enforcement efforts", she said.
She was taking part in a conference, "Compete and grow, Globally" organised by Indo-American Chamber of Commerce and Industry here late last night.
She observed that efforts in enforcing IP rights, would ultimately improve India's public health and safety, encourage creativity and innovation