Describing the new IPR policy by the Centre as a "step in the right direction", US Ambassador to India Richard Verma stressed the need for robust IP protection mechanism, saying foreign investors would also make decisions based on steps being taken to protect Intellectual Property.
"India's recently released IPR policy which really is a step in the right direction towards nurturing a culture of innovation and entrepreneurship within a strong national IPR framework. There is always room for improvement, however.
"We continue to have a robust dialogue with the government on everything from patent, copyright and trademark protection. We need to arrive at that optimal place where IPR frameworks provide a strong protection that innovators need without the encumbrance of red tape, delay, frivolous litigation that stifles innovation.
"We also need to improve the enforcement on the ground and that's where initiatives like TIPCU come in which can play crucial role..." he said.
Verma was speaking at the launch of Telangana Intellectual Property Crime Unit (TIPCU), set up by the state government in coordination with the Telugu film industry.
Observing that India and the US share a mutual interest in strengthening their intellectual property regimes, Verma said America can help India build an IPR environment, by working together closely, to deter theft of IP.
Foreign investors would make their decisions on the quality of actions taken to protect intellectual property right, he said.
"IPR infringement also impacts India's global economic reputation as a destination for investment. Investors today are watching with interest how governments and businesses are working together to protect intellectual property rights. They will make decisions based upon the quality of these actions.
"IPR, strengthening IPR, strengthening IPR enforcement is a big part of our government-to-government dialogue and it will be going ahead in the months and years," Verma said.
Noting that TIPCU, the first-ever state-level IP enforcement agency, can become a model for others in the country, Verma said the US would support such endeavours.
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