Realestate News

‘Intellectual property brings competitiveness’

Visakhapatnam: Noting that India is evolving in terms of intellectual property (IP) awareness, GVMC commissioner Pravin Kumar said IP brings about competitiveness and entrepreneurs need to derive maximum commercial benefit out of innovation.

The civic chief was speaking at a sensitisation seminar on IPR (intellectual property rights) for electronics and ICT sectors organised by the Andhra Pradesh Technology Development and Promotion Centre and Confederation of Indian Industry (CII) Vizag zone in association with the AP department of electronics and IT in the city on Thursday.

Pravin Kumar said Vizag is the biggest city in residuary Andhra Pradesh and this seminar is a timely platform to evolve possible strategies for protecting IP, to derive maximum benefit out of it and go global. He further said inventions and innovations are being rewarded unlike earlier because of the presence of strong IP laws. He said there were some hurdles like ignorance of IP. “Everyone can explore IP if they have proper awareness on Intellectual Property,” he said, adding that the future should be kept in mind while protecting IP rights.

AP IT and Electronics Society CEO Srinivasa Murthy pointed out that in addition to patents, companies should look into forms of IP, especially protecting companies name, logo and industrial design. Trademark can be of great value for companies, he added.

Murthy asserted that India has made substantial progress and to go further, it needs to focus on creation, protection, nurturing, managing and leveraging IP. He said the state government is providing a lot of incentives towards filing IP but lamented that companies are yet to reap the benefits.

Joint director of Software Technology Parks of India (STPI) MP Dubey said there are around 100-120 companies operating from Vizag in the electronics and ICT sector and soon it may increase to 200 as the city is witnessing a lot of startups in this sector.

He also said that there is a need of setting up IP clinics where all the stakeholders could come, meet and get advised on what can be protected in order to achieve maximum commercial benefit.

Vizag Information Technology Association president Ravi Eswarapu said intellectual property is set to act as the new currency as India gradually transitions into a knowledge driven economy. It is bound to play a key role in helping drive forward the ‘Make in India’ initiative in order to enhance the innovative capacity of our country, he added. He felt that some of the key issues today are educating the people on the awareness of IPR and creating a culture of IP protection and management.

District industries centre general manager B Gopala Krishna mentioned that IP is also a property which has not been taken into consideration and the department of MSME incentivise 75% of the cost maximum of Rs 5 lakh towards filing patents. For some specialised sector such as defence and aerospace, this cost can be upto Rs 20 lakhs. He asserted that companies should innovate and protect their intellectual creativity to sustain in the market.

Source :