New Report Released at World IP Day Event in Delhi
NEW DELHI, India, April 26 /PRNewswire-USNewswire/ -- The U.S.-India Business Council (USIBC) has released the 2008 USIBC Business Perception Survey. The survey, designed by Ernst & Young and administered by USIBC, polled senior member-company executives to gauge their perception of India as a destination for investment and to identify progressive steps which will further enhance investor interest and confidence in India. Their overwhelming assessment: India is, and will continue to be, a premier destination for investment.
The survey findings indicate that a majority of respondents view India as an attractive investment destination vis-à-vis other emerging economies, with a large number of respondents rating future economic growth as highly sustainable. Further, a large section of respondents answered in the affirmative regarding their plans to invest in India in order to establish or expand their operations over the next 5 years.
Releasing the 2008 USIBC Business Perception Survey at the World Intellectual Property Day event in Delhi, Utkarsh Palnitkar, Ernst & Young, Partner- Transaction Advisory Services and Head of Policy & Investment Advisory Services, stated "This is an important study. Its findings demonstrate the depth of commitment of USIBC member companies to India's continued economic growth. The news is quite positive - provided that the government addresses several critical issues, USIBC member company executives expect India's robust economic growth to continue despite the uncertainties facing other global markets."
However, while the survey findings suggest that the Indian economy will continue to attract global investor interest, much needs to be done for it to become more investor-friendly. Respondents highlighted the need to improve the ease of doing business in India along with the need to enhance India's social, physical and urban infrastructure. In order to drive investor confidence and lower the risk faced by business establishments, the survey findings emphasized the need to strengthen India's intellectual property regime vis-à-vis other emerging Asian economies.
Mr. Palnitkar went on to note "Today is World Intellectual Property Day. It's appropriate to point out that the 2008 USIBC Business Perception report confirms beyond a doubt that the Indian government needs to further strengthen intellectual property protection. In this area India is losing ground to other emerging Asian economies and the government ignores this at India's peril. The ineffectiveness of India's patent laws, the continuing lack of data exclusivity, and a lack of expedient and effective enforcement mechanisms are causing India to lose out when it comes to investment in R&D. This should be a wake-up call to those who assert that India's intellectual property protections are "world class". This cross-industry study makes it clear that this is not a view widely shared by those who make decisions about where to invest in R&D."
USIBC is working in tandem with the U.S. Chamber's Global Intellectual Property Center to strengthen IP protection and to stem counterfeiting and piracy world-wide. The full 2008 USIBC Business Perception Survey is available at www.usibc.com.
The U.S.-India Business Council, formed in 1975 at the request of the Government of India and the U.S. Government to advance U.S.-India commercial ties, is hosted under the aegis of the U.S. Chamber of Commerce. The U.S. Chamber of Commerce is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region. The U.S.-India Business Council celebrates its 33rd Anniversary at the U.S. Chamber of Commerce on June 12, 2008 in Washington, D.C.
SOURCE U.S.-India Business Council
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