Daily News - Wednesday, 13 November 2024
India in top 10 globally for patents, trademarks and industrial designs (mint)
India’s intellectual property (IP) landscape has rapidly advanced, ranking among the top 10 globally in patent, trademark, and industrial design applications, as highlighted in the World Intellectual Property Organisation’s (WIPO) 2024 report. Patent applications grew by 15.7% in 2023, reaching 64,480 and placing India sixth worldwide, with domestic filings surpassing 55% for the first time, and granted patents surging by 149.4%. Additionally, industrial design applications rose by 36.4%, with textiles, machinery, and health products leading sectors, while trademark filings increased by 6.1%, making India fourth globally and second in active registrations with 3.2 million trademarks in force, driven largely by local innovation efforts such as the ‘Make in India’ initiative.
Can lift tariffs if local players unhurt: FM on Trump threat (Financial Express)
India’s Finance Minister Nirmala Sitharaman expressed willingness to ease tariffs on intermediate imports to support manufacturing, contingent on protecting domestic industries from adverse effects, especially amidst potential tariff threats from U.S. President-elect Trump, who may implement up to 20% tariffs on Indian goods. In FY 2023-24, India enjoyed a $35 billion trade surplus with the U.S., with merchandise trade totalling $119 billion and exports amounting to $77.5 billion. The possibility of the U.S. raising tariffs on Indian goods like textiles and pharmaceuticals could lead to retaliatory tariffs, echoing trade disputes from 2018, when both nations implemented counter-duties and filed WTO disputes, later resolved through negotiations.
90% of India-Russia trade in local currency now (Financial Express)
Approximately 90% of India-Russia trade now uses local or alternative currencies, a significant shift since the RBI’s July 2022 policy allowing rupee-based trade settlements, aimed at sidestepping restrictions from international payment systems after the Ukraine conflict. India and Russia are working on a Free Trade Agreement (FTA) with the Eurasian Economic Union and aim to balance the current trade gap—$65 billion in FY 2023-24, with India’s exports at $4 billion compared to $61.4 billion in imports, predominantly in oil, coal, and fertilizers. Additionally, both nations seek enhanced cooperation in strategic areas such as the Northern Sea Route, nuclear projects, aerospace technology, and logistics, with a goal of reaching $100 billion in bilateral trade by 2030.
Rich nations try to shift pollution responsibility to India, China (Business Standard)
At COP29 in Baku, developing countries, led by India, are demanding over $1 trillion annually from richer nations in grants for climate compensation, alongside $5-6 trillion for technology transfers, arguing that the Global North has historically exploited the carbon budget. Instead of direct public funding, wealthy countries are attempting to shift the financial burden to private investment or loans, with the U.S. and European nations deflecting blame on China and, to some extent, India. India alone requires over $1 trillion to meet its current climate targets (NDCs), with local banks currently covering over half of Asia’s renewable and green investments.
Five WTO Nations Flag India’s Market Price Support for Wheat, Rice (The Economic Times)
The U.S., Argentina, Australia, Canada, and Ukraine have challenged India’s market price support (MPS) for rice and wheat at the WTO, claiming India’s support surpasses the levels reported and impacts global markets. According to their estimates, India’s MPS for rice was over 87% of production value in 2021-22 and 2022-23, while wheat support ranged between 67-75%, contrasting sharply with India’s official report of ₹47,614.5 crore for rice and ₹64 crore for wheat in 2022-23. These nations have also expressed concerns over India’s $48 billion in input subsidies for power, irrigation, and fertilizers, questioning the application of WTO’s Article 6.2 allowances, which permits developing countries greater leeway in domestic support without caps.
