India got its independence in 1947. The economy at that time was still caged in the strict rules and restriction for import and export. While having a closed economy the main motto was to substitute imports and exports and only rely on the products manufacturing in India. The Government had a major control over finance and capital markets which resulted in economic reforms in the country. After introducing LPG i.e. liberalisation, privatisation, globalisation on 24 July 1991 India had a huge increase in GDP growth rate every year. The Intellectual property played an important role during such time. In the initial days IPR was at the baby stage, number of problems were arising in the implementation of the polices.
The Companies and the investors were not even aware about IP and about how can it help the country in its economic development. Thus without a healthy system there were major infringement which resulted in decline of inventions affecting the economy of the country.
India later on with a view to come up with solutions for all these problems started strengthening in the IPR laws. The New patent law was made after independence in the form of the Indian Patents Act 1970. In 2005 more such amendments were made in intellectual property. In this way Indian signed lot of agreements with different countries like Paris Convention, Patent Cooperation Treaty, Budapest Treaty and TRIPS agreement to comply with the International and Indian standards. Recently, India signed the “Madrid Protocol” which further enhances the applicability of Trademarks in 89 countries. All the amendments made in to the field of IP and India being a part of all these conventions has led to increase in registration in IP resulting in growth of GDP in the country.
A story of success
On a trip to Malaysia Indian bank clerk and a fledgling entrepreneur Mr.SK.Mathlani came across mosquito repellent mats. This took his attention and he thought that these mats are need of the time and might have huge market for it, because of the daily annoyance of mosquitos that people face. Mathlani invested with a small amount and started with a small-scale business he also realised that for achieving success he would need a brand name and image and thus he patented his idea and trademarked his brand name. He focused on a strong IP strategy on registering trademark and created a strong brand name and image .With the initial investment of only UD $65,000.
In 1995, one of India’s largest industrial conglomerates, M/s Godrej Sara Lee Limited (GSLL), was looking to enter the domestic mosquito repellent market. After the evaluation of the available options. He saw a quick rise in JET mosquito nets and thus he decided to buy it. This was the case of Matlani’s fortuitous trademark registration and IP management, becoming his biggest asset of all.
Conclusion:
Intellectual property is still undervalued in many parts of the country Matlani’s story is an eye-opening example of intellectual property can boost the brand and bring out your work to its full potential reach till the end consumer. In the era of start-ups and innovation incubation boosters in our economy, we should know that in bringing out the best intellect from our inventions and creativity, intellectual property is a gold mine to our success. This Independence Day let’s celebrate our minds, let’s celebrate our inventions and let’s make a vision to prosper as an economic empowerment by safeguarding them with our IPR laws.
BY
RASHI OSWAL
B.A. L.L.B 3rd Year
DES NAVALMAL FIRODIA LAW GOLLEGE, Pune
References