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Increased R&D spending and other initiatives can help India project itself as a strong China-plus-one contender in trade talks
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Talks on the free trade agreement have crossed the halfway point and India has missed its internal deadline of closing the negotiations by March 2023
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The meeting between Sitharaman and Iweala took place on the sidelines of the World Bank and IMF annual meetings.
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A consistent push to simplify patent filings by reducing fees and digitising them have led to a major rise in patent filings in India. But most applications are still from foreign entities.
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India’s updated proposal on the global IPR waiver has the support of 62 nations and aims to end the pandemic quickly, but it has been opposed by the European Union, the UK and Australia. It will be next discussed on June 8-9 by the TRIPS council of the WTO.
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The US has backed India's proposal to temporarily suspend key clauses of a global intellectual property rights rule to boost vaccine availability. But having introduced it seven months ago, and systematically securing the support from 120 middle- and lower-income nations, New Delhi is now content to let Washington convince the European Union, United Kingdom, Japan, and China.
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While it has come more than seven months after India and other nations floated a proposal at the WTO wanting to ensure global vaccine availability, the US support is a major step towards arriving at a global consensus on the hard fought issue. Crucially, will vaccine majors relent and give up and their intellectual property rights to ensure everyone gets a jab sooner than later?
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Trump said yesterday that intellectual property theft is estimated to cost the economy as much as USD 600 billion a year.
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"Innovation needs legal protection. We are now working on administrating the laws properly. We are modernising patent offices," the commerce and industry minister said at a CII function here.
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The programme is a joint initiative of Intellectual Property Office of government of India and Federation of Indian Chambers of Commerce and Industry (FICCI) in association with the Department of Industries and Commerce of the Kerala government, an FICCI release said.
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"India has been a little behind, perhaps,in leveraging in IPR and it has become an impediment," Shah said addressing an event on 'Illicit cross-border trade in goods: impact on economy and consumers' organised by industry body Ficci.
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Both the MoUs were exchanged in the presence of Prime Ministers Narendra Modi and her British counterpart Theresa May here.
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A high-level delegation led by US Trade Representative Michael Froman is attending the 10th India-US Trade Policy Forum (TPF) meeting scheduled on 19-20 October here.
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The associations which would participate include CII, Ficci, PHDCCI, International Trademark Association, Laghu Udyog Bharati, Film and Television Producers Guild of India and Indian Motion Pictures' Producers Association.
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Joint Secretary in the Department of Industrial Policy and Promotion (DIPP) Rajiv Aggarwal said the government is making an ecosystem to promote both these things.
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"There is a need on awareness about IPR among various stakeholders. DRDO has taken efforts to improve the standard of research and importance of IPR in new research fields," Director of the Institute of Nuclear Medicine and Allied Sciences, DRDO," Ajaykumar Singh said.
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Earlier, a budding entrepreneur had to go through an elaborate process of approaching an inter-ministerial board to procure the Intellectual Property Rights (IPR) benefits.
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The management of the newly incorporated companies or the companies opting for diversification generally believe in the practice of inducing the best executives and employees who bring in their know-how, skill and technical expertise that ultimately results in augmenting the business value of the enterprise.
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The Rajya Sabha member, who consistently attacked RBI Governor Raghuram Rajan and then took potshots at Finance Minister Arun Jaitley, has been lying low after the BJP leadership indicated its unhappiness and Modi voiced disapproval of his conduct.
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The four short-listed candidates are: Reserve Bank of India Deputy Governor Urjit Patel, former deputy governors Rakesh Mohan and Subir Gokarn and State Bank of India Chair Arundhati Bhattacharya.
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Government had taken a considered view when it appointed the former IMF economist as CEA, sources in the ministry said.
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The Minister further said the government has found 16 instances of violation of norms about local content requirement under the National Solar Mission, and lawyers have been working on filing the cases since April.
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These remarks assume significance as the US continues to put India on its 'priority watch list' for intellectual property rights (IPR) through its Special 301 report that was released last month.
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The policy, with a tagline of 'Creative India: Innovative India', called for updating various intellectual property laws to remove anomalies and inconsistencies in consultation with stakeholders.
