Former chief justice of India Dipak Misra called for “stringent laws” and a “collaborative enforcement” on Thursday to safeguard intellectual property rights in the country, which is emerging as a developing economy.
Speaking at a conference on “Intellectual property through collaborative enforcement” organised by the PHD Chamber of Commerce and Industry and United IPR here, he said there was a need to protect those who were creating, inventing or were busy in the field of innovations.
Misra said recognition of talent and its best use in the interest of institutions was the epitome of IPR (intellectual property rights). “In the present times, the statutory regime is in force and it is 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,” Misra said, adding that IPR was necessary to promote inventions and innovations.
“We are advancing to such a degree of development, we have to have control, we have to have protection and have to give protection to people who are creating, inventing or busy in innovations,” he said.
Misra further said intellectual property, through a collaborative enforcement in today’s globally competitive environment, had placed itself on a pedestal in the context of economic growth and was becoming increasingly important.
“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.
The former CJI added that a collaborative effort and intellectual vigilance were key to a strong IPR framework that protected creators and provided strict punishment for violators. Intellectual property built strategic alliances of socio-economic and technological growth in the modern world and was the basic structure of sustenance in a competitive economic state, he said.