$239 b IT losses in India

Losses in India's IT sector due to piracy of intellectual property account to almost USD 239 billion, a Microsoft official said.

Even a 10 per cent reduction in the piracy would help IT sector grow from USD 7.40 billion to USD 19.50 billion and would add 1,15,000 new jobs in the sector, Rebecca Ward, Director IP and Licensing, Microsoft India said at an Indo-US seminar and Workshop on Intellectual Property Rights Enforcement held by the CII here. Apart from this, it will contribute to increase USD 5.9 billion in GDP, USD 386 million in taxes and USD 8.2 billion in revenue to local vendors, she added Strict enforcement of intellectual property rights would also help India emerge as a global player in innovative technology, Consul General, American consulate in Chennai David T Hopper said. To improve intellectual property standards worldwide, stress should be on bilateral negotiations, he said. "Strong IPR protection across the board, has been a lynchpin in the success of the US services sector. Without it, you do not get either the introduction of innovative products into the market or the investment in the R&D to move down the path of developing strong, innovative industries," he said.