U.S' Out-Of-Cycle Review Against India A Futile Exercise: FICCI

Modi and Obama recognised in particular the contribution of the Indian and the US Information Technology (IT) industry and the IT-enabled service industry in strengthening India-US trade and investment relations, it said.

FICCI said Commerce and Industry Minister Nirmala Sitharaman said on September 8 that the government would come out with a policy framework in the next few months that will help protect India's interest on matters related to intellectual property rights (IPR) and deal with issues raised by developed countries.

FICCI said a strong IPR regime is considered complementary to the "Make in India" concept as many global companies, especially transnational pharma majors from the U.S and EU, have long said that they could set up manufacturing and R&D facilities in India, provided the IPR regime was strengthened.

India has committed to a comprehensive IPR policy in 6 months to address concerns of developed nations while safeguarding India's interests and set up a think tank to keep itself informed about latest IPR issues as well as to help it handle them proactively, it said.

Arguing that Indian IP laws are in full compliance with the Trade-Related Aspects of Intellectual Property Rights (TRIPS) Agreement, FICCI said Indian policy is driven by Public Interest and Health Care.

"Due to immense poverty and inaccessible health care in India, Compulsory License and Section 3(d) of Patent Act must be viewed as protective and not restrictive," it said.

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