This refers to the report ‘Global economic downturn is net positive for India: CEA’ (March 10). The refreshingly optimistic approach from policy makers will help the Indian economy to grow to the full potential.
The 10 years preceding the pandemic, we have seen intellectuals holding top positions in India vying with each other to prove the rights and wrongs of individual perceptions about economic issues.
It is a welcome relief to find that the trend has reversed.
Professionalism has prevailed and each one at the top whose voice matter, speaks with optimism about India’s growth story.
Existing patenting system, particularly in electronics software and to lesser extent in hardware, inhibits innovation.
The fallacy lies less in the patents, but more in marketing the idea.
Patent law was meant to promote innovation by giving inventors the exclusive right to their inventions. But contestants broaden the claims beyond what the law intended.
The hypothesis that patentees have rights over things they build must be revived.
Continued apathy by the government and legal institutions towards productive and transparent patent laws could choke technological progress.
This refers to “For a new approach to patents” (March 10). The road map suggested through imitate, innovate and protect mechanism in the patent arena to augment the chip manufacturing facility in India is thought provoking. Sadly, the low share of a number of domestic applications filed for patenting in India is a cause of concern. The stupendous growth of digitalization in the country multiplied the usage of chips and the import of electronics and components is next only to crude and petroleum products.
Exploring the possibilities of further innovation in chip designs and technologies in unpatented products and repurposing the designs of already patented products in India and securing licensing agreements with foreign companies for manufacturing and selling new chip designs would shore up the chip production.
The change in the recent PMLA (Prevention of Money Laundering Act) in terms of subjecting NPO (Non-Profit Organizations) formed for religious and charitable purposes to intense scrutiny was long overdue and is a welcome step. NPOs act as vehicles for money laundering in the guise of extending service to various sections of society and did not attract attention from authorities earlier under PMLA.
But as per the amended version of PMLA of 2023, exempting ‘domestic PEP’ under the new definition of PEP (Politically Exposed Persons) is surprising and is a glaring omission that should be included as part of the original PMLA Act, 2002.
Time and again investigation has proved that “domestic PEPs” involving serving or retired senior politicians, judiciary or military officers, high ranking government officials and others have misused their position to amass wealth through illegal means and stashed them in tax havens posing enormous challenge to investigative agencies in terms of following the money trail as part of their investigation process.
Hence it is imperative that ‘domestic PEP’ form part of amended PMLA 2023 by bringing in changes to the principal Act of 2002.