DNA - Money - Innovative India outstrips China - Daily News & Analysis:


NEW YORK: The Wall Street Journal has observed in a powerful commentary that New Delhi has gone the extra mile to revamp its intellectual property rights.
 
“It may appear as if India’s recent economic rise is solely due to its low-cost outsourcing opportunities for foreign businesses,” said the US financial daily on Monday. “But this is only part of the story.
 
“India is rapidly evolving into Asia’s innovation centre... Its secret weapon? Intellectual property rights protection.”
 
The Indian Copyright Act was overhauled in 1994 to explain the rights of a copyright holder and the penalties for infringement of copyrighted software. The daily hailed the Indian law as one of the “toughest in the world”.
 
Last year, India’s new patents law extended protection to computer software and pharmaceutical products. “As a result, copyright-based industries such as the Indian IT sector have enjoyed rapid growth,” it said.
 
The Journal said that within the next few years, annual revenues from Indian software exports are tipped to touch $50 billion. It said New Delhi’s actions are in “stark contrast” to China and Brazil.