Competition and intellectual property rights (IPR) laws both encourage innovation 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 IPRs and competition law was published, said competition keeps companies on the cutting edge and continues to improve.
Companies continue to innovate to improve their products while striving to grow.
“But at the same time, we also need IPRs to encourage innovation. Why? Because innovation takes a lot of money, ”he said.
He also said that despite “tension” between them, competition law and IPRs have a common goal of encouraging the acquisition and dissemination of knowledge.
Harmonizing the tension between competition laws and IPRs 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,” written by retired IAS officer S Chakravarthy, was published by former Union Home Minister K Padmanabhaiah.
The Chairman of India’s Competition Commission, Ashok Kumar Gupta, former Union Health Secretary Sujatha Rao and several other dignitaries attended the virtual event.