Competition laws, IPR encourage innovation, aid human progress: D Subbarao

Former RBI Governor D Subbarao

Competition laws and

Intellectual Property Rights (IPR) both encourageinnovation and contribute to human progress, former RBI Governor D Subbarao said on Saturday.

Subbarao, who was speaking at a virtual event where a book on IPR and competition law was released, said competition keeps businesses on the edge and to keep improving.

Businesses keep innovating to improve products as they seek to grow.

"But at the same time, we also need IPR in order to encourage innovation.Why? Because, innovation takes a lot of money," he said.

He also said despite a 'tension' between them, competition law and IPR target a common objective which is to encourage acquisition and spread of knowledge.

Harmonising the tension between competition laws and IPR in the context of digital technologies is a much more complex public policy challenge,the former RBI governor added.

The book, titled "IPR Bride and Competition Groom", authored by retired IAS officer S Chakravarthy, was released by former Union Home Secretary K Padmanabhaiah.

Competition Commission of India Chairperson Ashok Kumar Gupta, former Union Health Secretary Sujatha Rao and several other dignitaries attended the virtual event.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel