India should look at ways to ensure IP rights:US diplomat

been done on the impact of intellectual property on India’s economy”,US Consul General Jennifer A McIntyre said.

“..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 and provide for economic and job growth. “Quite simply,it can improve India’s future”.

Effective enforcement of IP laws with consistent record of convictions was a necessity for all countries “developed” and “developing alike”,she said,”IP rights enforcement strengthens the investment climate to attract and retain innovative companies and creative artists that are engines of economic growth”.

“Going forward,we encourage Indian government to make additional legislative changes and reforms that may be used to aggressively prosecute and issue deterrent penalties in IP cases”,she said.

She said a most significant area where Indian government,industry and the US can help each other was through continuing and expanding the cooperation in delivering enforcement related capacity building.

Stating that the US was the second largest exports market for Indian manufacturers,she said “it is important that Indian manufacturers consider aspects of software compliances”.

Referring to a KPMG report,she said Indian companies,which use only genuine and licensed software and stay fully compliant of unfair competition laws,can tap business opportunities in the United States.

On price rise,the report said that the Indian monetary policy should stay on hold until inflation softens.

“In India,where inflation is still high,monetary policy should stay on hold until a sustained decrease in inflation materialises,” the report said.

Wholesale-price based inflation was at 7.55 per cent in August on account of rising prices of food items and manufactured goods. The price rise has restrained the Reserve Bank of India from cutting interest rates.

Growth in emerging markets and developing economies was marked down compared with forecasts in July and April to 5.3 per cent,against 6.2 per cent last year.

Emerging markets such as China,India,Russia,and Brazil will all see slower growth,the report said adding that growth in the volume of world trade is projected to slump to 3.2 per cent this year from 5.8 per cent last year and 12.6 per cent in 2010.

“Low growth and uncertainty in advanced economies are affecting emerging market and developing economies through both trade and financial channels,adding to homegrown weaknesses,” said IMF Chief Economist Olivier Blanchard.

Growth in China is projected to be over 7 per cent this year and then to strengthen to over 8 per cent in 2013 as domestic demand growth,especially investment growth,picks up with the policy easing now under way.

According to the report,compared with the region’s growth performance in recent years,the near- and medium-term outlooks are less buoyant.

“This view reflects weaker anticipated external demand resulting from the tepid growth prospects in major advanced economies and a downshift in Chinas and Indias growth prospects,with a return to double-digit growth in China unlikely given the policy objectives laid out in the 12th Five-Year Plan,” it said.

The IMF said policies must strike the right balance between managing external and internal risks and orchestrating a soft landing.