Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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The India-Middle East-Europe Economic Corridor
India’s remarkable success at the summit this year, in early September, was captured by the global press, except in China, for various outcomes such as
- The inclusion of the African Union in the G-20
- A tangible offer of clean energy through a biofuel alliance • Increasing substantial aid for Asia-Africa
- An economic corridor that connects India, West Asia and Europe using an ambitious rail and shipping link
- The Delhi Declaration which was a joint statement of all the group.
A real big deal
- The announcement of the economic corridor (the “India-Middle East Europe Economic Corridor”), of a rail-ship route, to transport goods to Europe from India via the United Arab Emirates-Saudi Arabia-Jordan Israel.
- Such a project will change the geopolitics for the future.
- The fact that it challenges
China’s Belt and Road Initiative.
- Israel Prime Minister was prompt to show that Israel has been eager to be a part of such a project.
- The proposed IMEC will consist of Railroad, Ship-to-Rail networks and Road transport routes extending across two corridors, that is,
o The East Corridor – connecting India to the Arabian Gulf,
o The Northern Corridor – connecting the Gulf to Europe
Signatories
- India
- US
- Saudi Arabia
- UAE
- the European Union
- Italy
- France
- Germany
Ports to be Connected:
• India: Mundra (Gujarat), Kandla (Gujarat), and Jawaharlal Nehru Port Trust (Navi Mumbai).
• Middle East: Fujairah, Jebel Ali, and Abu Dhabi in the UAE as well as Dammam and Ras Al Khair ports in Saudi Arabia.
• Saudi Arabia (Ghuwaifat and Haradh) and Jordan: Railway line will connect Fujairah port (UAE) to Haifa port (Israel) via
• Israel: Haifa port.
• Europe: Piraeus port in Greece, Messina in South Italy, and Marseille in France.
PATENT REGIME IN INDIA
Despite the presence of millions of businesses and largest workforce, patent is a domain less explored in India. India has been ranked 40th out of 53 countries on the Global Intellectual Property Index. Moreover, a recent study pointed out that between 2000-2020, more than 40% Indian-origin applicants chose to file patents in foreign countries.
Patent
A patent is an exclusive set of rights granted for an invention, which may be a product or process that provides a new way of doing something or offers a new technical solution to a problem.
Patent in India
- Governed by Patent Act, 1970
- Criteria
- Should be novel
- Should have inventive steps
- Should be capable of industrial application
- Should not attract section 3 and 4 of Patent act, 1970
- Office of Controller General of Patents, Design and Trade Marks is regulatory body
- Holds validity for 20 years from date of filing application
- Patents (Amendment) Act, 2005 patent was extended to all fields of technology including food, drugs, chemicals and microorganisms
TRIPS agreement
- Trade Related Aspects of Intellectual Property Rights
- an international legal agreement between the member nations WTO that establishes minimum standards for the regulation of different forms of intellectual property
- It also enforces remedies, and dispute resolution procedures
WIPO
- UN specialized agency
- established in 1967
- Development of a balanced and accessible international Intellectual Property (IP) system that rewards creativity, stimulates innovation and contributes to economic development while safeguarding the public interest
Other agreements
Berne Convention: Protection of works and the rights of their authors Budapest Treaty: International patent process for microorganisms Paris Convention: Protection of Industrial Property
Patent Cooperation Treaty: Patent protection for an invention simultaneously across countries
Need for patents
- Protecting rights of innovators
- Motivates further innovation, research and development
- Provides stimulus for economic growth
- Facilitates transfer of technology
Challenges
- Evergreening of patents: process by which patent holders can extend the life of their patents and maximize their profits. It involves obtaining multiple patents that cover different parts of the same product.
- Compulsory licensing: Foreign investors are concerned about misuse of licensing to replicate their product or process.
- Weak enforcement: India’s laws on patents are very weak and violators are not stringently punished.
- Narrow patentability criteria: Leads to exclusion of various patentable products
Other NEWS
| Srimanta Sankara deva | • 15-16 CE saint reformer
• Propounded neo-Vaishnavism • Born in Batadrava, Assam |
| Buddha Vanam | • Buddhist heritage theme park at Nagarjunasagar, Telangana |
| Second Vikrant-like carrier | • The Defence Procurement Board (DPB) last week discussed the Navy’s proposal for acquiring a second Vikrant-like aircraft carrier
• It could see some modifications and upgrades to the design of Vikrant • The proposal is yet to be cleared by DPB; |
| We can scrap Justice Gita Mittal Committee or you can trust it, CJI tells petitioners | • Justice Gita Mittal Committee
• Objective: to intervene and monitor relief and rehabilitation, and restoration of homesteads, religious places of worship in Manipur. • Issues petitioned include distribution of Aadhaar cards and disability certificates to the displaced people of the State, to distribution of compensation to the families of the dead, reconstruction of religious buildings and homes destroyed in the clashes, disposal of bodies to functioning of courts in the State |
| Banks told to display information on borrowers linked to SARFAESI Act | • The Reserve Bank of India (RBI) has asked commercial banks and Non Banking Finance Companies (NBFCs) to display information regarding borrowers whose secured assets have been taken into possession under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002.
• This is part of a move towards greater transparency. |
