As part of a major development, the United States of America has urged India to increase its Intellectual Property Rights enforcement regime so as to steer clear of missing out on the foreign investment prospective of one of the world’s fastest growing economies.
Commenting on this, Ron Kirk, the US trade representative, made it clear that India needed to fortify in the area of intellectual property rights to be a magnet for more investment from US companies and guard its own entrepreneurs. Apart from this he was witnessed to draw attention to an assortment of sectors including pharmaceuticals, education and software for investment in an economy predicted to grow at about 6.5% in the existing year.
Ron Kirk did also mention that India is supposed to stay away from negligence in IPR enforcement in order to do well in the business ties. There is hardly any doubt that in this day and age, especially owing to the brunt of downturn worldwide, development has become the only mantra to exist and also excel. For that reason, a more protected environment would also render confidence on more research and development partnerships between US and Indian companies in key areas like power and green technology.
After having talks with Mr. Anand Sharma, India’s Commerce Minister the US trade representative stated, “We would also like to see more improvement and openness in the investment environment for US businesses in India.” “[There are] outstanding issues which the United States has asked for more attention, including improving its intellectual property rights regime.”
As per key officials, Mr. Kirk, in a nutshell, did actuate India to pioneer its mostly state-ruled financial services sector regardless of a widespread mood of anti-liberalization. It would benefit the economy if there were “more competition” in financial services, insurance and legal services, he said.
India is finding a greater importance in the US map, not only strategically but also economically, without a shred of doubt.
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