The last five years have witnessed a radical improvement in the intellectual property (IP) climate in India. From IP cases being regarded as ‘luxury litigation’, not only are the judiciary and the policy makers now proud to be associated with the India IP boom, but even the lay person on the street is focusing on IP creation rather than counterfeiting. This is good news for foreign companies expanding into India who are looking for reassurance that their intangible assets will be protected. Despite being limited to setting up joint ventures with Indian companies, the rate of international companies moving into India is gathering pace. Record numbers of foreign brands have opened outlets in India over the last five years and multi-brand retailers like Wal-Mart are now joining the fray. Many companies have set up research and development centres, including AstraZeneca and IBM.
Having joined the World Trade Organisation in 1995, India has implemented the majority of its obligations under the Agreement on Trade Related Aspects of IP Rights including legislating on geographical indications, e-commerce, semi-conductor integrated circuit layouts and protection of plant varieties. It has also amended its existing statutes governing trademarks, patents and designs.
