The Parliamentary Standing Committee on Commerce released the 161st report on 'Review of the Intellectual Property Rights Regime in India'. In this report, the Committee has observed and analyzed the overall scenario of the IPR regime in India and its contribution to promoting innovation and entrepreneurship in the country.
Detailed Analysis of the Report:
ISSUES |
RECOMMENDATIONS | ANALYSIS |
COUNTERFEITING AND PIRACY | ||
'Counterfeiting' and 'Piracy' – a menace in the world of IPR. |
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Advancement in technology and the consumer fascination with branded goods has led to a widespread increase in counterfeiting & piracy. This has become a major concern globally as brands are desperate for relief from counterfeiters, who misuse their name by manufacturing and selling inferior quality products and passing them off as authentic and are thereby earning huge profits. Counterfeiting and Piracy are the rising threats to IPRs which should be regulated and adeptly handled by taking appropriate measures. As it is rightly noted in the report as well that separate legislation along with efforts for its effective implementation is the need of the hour. Counterfeiting and Piracy and rob the innovators in an economy of their intellectual property rights, and this creates significant harm, not only to the innovators but to consumers and the economy in general.1 The quantum of loss due to Counterfeiting and Piracy is huge and until now there is no approved method of calculating the same. Devising a method to compute the loss coupled with the establishment of an IP Enforcement Agency regulated through dedicated legislation would facilitate combating limit the IP crimes and also limiting the same. |
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Footnote
Originally published 11 November 2021
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