New Delhi: Mr Narendra Sabharwal, Chair, FICCI IPR Committee, and Former Deputy Director General, WIPO, today said that India needs to have an economic impact study done on the creative sector to gauge its contribution to the GDP.
Speaking at a seminar on ‘Digital Piracy’, organised by FICCI, jointly with the Indian Music Industry (IMI) and International Federation of the Phonographic Industry (IFPI), Dr Sabharwal said that the creative sector contributes significantly in the global landscape and there is no reason why the Indian creative industry cannot contribute to India’s GDP.
On the issue of curbing piracy, Mr Sabharwal said that when it comes to curbing piracy, there is no silver bullet, and therefore, it is the need of the hour to educate consumers about the ill effects of music piracy, along with establishing a strong enforcement and judicial mechanism.
He added that it is imperative to have tangible actions to strengthen IP laws to curb piracy in the digital world. This will not only benefit the creators but will also send a message to criminal networks that piracy will not be tolerated. He also added that implementing effective solutions to complex problems of piracy in the music industry will also help India in reaching its economic potential.
Mr Lauri Rechardt, Chief Legal Officer, International Federation of the Phonographic Industry (IFPI), said that the Indian music industry generates 80% of its revenue from digital platforms.
He added that piracy continues to erode the legitimate digital market and tackling this challenge calls for increasing attention.
The event, which saw the participation of key stakeholders from the Indian and global music and related industries, provided a unique opportunity for a comprehensive interaction on the global music landscape.