VIJAYAWADA : Stating that India lags behind most countries in terms of annual spends and patent filings, AP Chambers of Commerce and Industry Federation (AP Chambers) president Potluri Bhaskara Rao said, “In a competitive, globalised economy, companies need to innovate constantly to remain in the reckoning. Indian companies, however, have not yet woken up to the need to boost spending on R&D through which alone product innovation is possible.” He was speaking at a workshop conducted by KL University in association with AP Chambers on ‘National IP Yatra’.
An initiative of the Union Ministry of MSMEs, IP Yatra aims to enhance awareness on Intellectual Property Rights (IPRs) such as patents, industrial designs, copyrights, trademarks, trade secrets and GI registration among the MSMEs in a bid to increase the number of IP filings both in India and abroad.
The two-day conference created awareness among entrepreneurs on the process of filing, acquiring and commercialisation of intellectual property, the legal framework involved, the available government support, GI certification and GI products.