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India needs to spend more on R&D: AP Chambers chief
AP Chamber of Commerce president Potluri Bhaskara Rao, Professor Dr Raghava Rao and other members addressing media in Vijayawada on Wednesday
The AP Chambers and the KL University jointly organised a two-day IP Yatra
Vijayawada : President of Andhra Pradesh Chambers of Commerce and Industries Federation Potluri Bhaskara Rao addressing a two-day workshop on ‘National IP Yatra,’ said that in a competitive and globalised economy, companies need to innovate constantly to remain in the reckoning. The AP Chambers and the KL University jointly organised a two-day IP Yatra here on Wednesday.
Bhaskar Rao also said that Indian companies have not yet woken up to the need to boost spending on Research and Development (R&D) through which alone product innovation is possible.
In the Global Innovation Index (GII) 2023 rankings by WIPO (World Intellectual Property Organisation) India secured the 40th position out of 132 countries. The National IP Yatra is an initiative of Union Ministry of Micro Small and Medium Enterprises for enhancing the awareness of Intellectual Property Rights (IPRs) such as Patents, Industrial Designs, Copyrights, Trademarks, Trade Secrets, GI Registration and others amongst the MSMEs and to encourage creative intellectual endeavour in India economy with an objective to increase the number of IP filings both in India and abroad.
Addl Director of IPR Division, DC-MSME of the Union Ministry of MSME Satish Kumar, Joint Controller of Patents and Designs, Chennai Patent Office M Ajith, Founder and CEO of IP Bank at Hyderabad Ashok Doppalapudi and Member Secretary of Tamil Nadu State Council for Science and Technology Dr R Srinivasan also spoke at the workshop.
