Trinamool to vote for Pranab Mukherjee

Mumbai, Mar 12: In what appears to be the worst trading session in the Indian stock markets, the benchmark BSE Sensex crashed over 2900 points to end below the 33,000-mark.

The Sensex crashed 2,919.26 points to end at 32,778.14. So far it has touched an intra-day low of 32,530.05 points.

The Nifty50 on the National Stock Exchange also lost nearly 850 points so far. It plunged 868.25 points to 9,590.15.

The plunge was in line with the global markets as all Asian indices also traded in the red after the World Health Organization (WHO) declared coronavirus a global pandemic following which the Dow Jones Industrial Average also slumped significantly on Wednesday.

The bear run in both the global and domestic markets has continued off late on concerns of the coronavirus outbreak severely impacting the global economy. It has also raised calls for government intervention and support.

Central banks in several countries, including the US Federal Reserve have announced emergency rate cuts to boost sentiments. However, the concerns have only deepened in the past few days as the number of COVID-19 cases across the world has increased.

Further, following the rout in the global markets oil prices also fell on Thursday with the Brent crude trading around $34 per barrel.

The Indian rupee also felt the pressure and touched a 17-month low of 74.34 per dollar in its initial trade.

Bengaluru, May 22: Amazon.com Inc’s India unit said it would hire 50,000 temporary workers to meet a surge in online shopping in the country, where customers have been stuck indoors for two months in a lockdown to fight the coronavirus outbreak.

E-commerce firms faced massive disruption in the initial days of the lockdown in India, but a slow easing of the stringent regulations has allowed them to resume large parts of their operations.

"We want to continue helping customers all over India get everything they need so they can continue to practice social distancing," Amazon senior executive Akhil Saxena said in a statement on the company's blog. (bit.ly/2A1Wv7O)

“(The move) will also keep as many people as possible working during this pandemic while providing a safe work environment for them,” said Saxena, Amazon’s VP for customer fulfillment operations in APAC, MENA & Latam.

The temporary hires will work in Amazon’s fulfillment centers and as part of its delivery network, the company said, making the announcement at a time when various other companies in the country have been forced to cut jobs as they try to tide over the health crisis.

Amazon itself has pushed its annual global Prime Day event, traditionally a summer affair, to September, the Wall Street Journal reported on Thursday.

In India, where the Jeff Bezos-led company faces stiff competition from Walmart Inc’s Flipkart, Amazon earlier said it plans to create 1 million jobs by 2025.

The company also said on Thursday it plans to enter the food delivery business in India, pitting itself against well-established startups such as Swiggy and Zomato.

Feb 6: India has been ranked 40th out of 53 countries on a global intellectual property index, even as the country has shown improvement in terms of scores when it comes to the protection of IP and copyright issues, a top American industry body said on Wednesday.

India was placed at 36th position among 50 countries in 2019.

India's score, however, increased from 36.04 per cent (16.22 out of 45) in 2019 to 38.46 per cent (19.23 out of 50) in 2020, a 2.42 per cent jump in an absolute score.

However, India's relative score increased by 6.71 per cent, according to the International IP Index released by Global Innovation Policy Center or GIPC of the US Chambers of Commerce.

This year, it finds itself on the 40th place among 53 countries. Two new Index economies (Greece and the Dominican Republic) scored ahead of India. The Philippines, and Ukraine leapfrogged India.

"Since the release of the 2016 National IPR Policy, the government of India has made a focused effort to support investments in innovation and creativity through increasingly robust IP protection and enforcement," the GIPC said.

Since 2016, India has improved the speed of processing for patent and trademark applications, increased awareness of IP rights among Indian innovators and creators, and facilitated the registration and enforcement of those rights, it added.

According to the eighth edition of the annual report, India's score on the Chamber's International IP Index demonstrates the country's growing investment in IP-driven innovation and creativity. The Index specifically highlights a number of reforms over the last year that strengthen India's overall IP ecosystem, it said.

"In 2019, the Delhi High Court used dynamic injunctions to disable access to copyright-infringing content online, resulting in an increase in India's score on two of the copyright-related indicators," it said.

"The use of these injunctions places India alongside global leaders in copyright enforcement, including Singapore and the UK. As a result, India scores ahead of 24 other economies in the copyright indicators," the report said.

The Delhi High Court also issued a series of judgements that provide clarity on existing statutes related to trademark protection online, resulting in a score increase on one of the trademark-related indicators, it added.

The courts issued two precedential rulings that raised the bar for the damages awarded in IP-infringement cases and may provide a deterrent for future infringement. This resulted in an increase in score on one of the trademark-related indicators, it said.

Global Innovation Policy Center or GIPC said India also continues to score well in the Systemic Efficiency indicator, scoring ahead of 28 other economies in these indicators.

"This is a result of a concerted effort by the Indian government to consult with stakeholders during IP policy formation and create greater awareness about the importance of IP protection,” it said adding that India also remains a leader in the use of targeted incentives and IP assets for small and medium-sized enterprises (SMEs).

“To continue this upward trajectory, much work remains to be done to introduce transformative changes to India’s overall IP framework and take serious steps to consistently implement strong IP standards," the report said.

GIPC has identified several challenges for India. Prominent among them being patentability requirements, patent enforcement, compulsory licensing, patent opposition, regulatory data protection, transparency in reporting seizures by customs, and Singapore Treaty of Law of TMs and Patent Law Treaty.

"We are encouraged that Indian policymakers seem to recognize this Index as a valuable resource in their efforts to strengthen the country’s promising innovation ecosystem and enhance its competitiveness in an increasingly knowledge-based global economy,” the report said.

Observing that no other economy stands to gain more from strong Indian IP than India itself, the report said for example, no industry has been hurt more by copyright violations in India than the country’s own Bollywood industry, which loses almost USD3 billion to piracy each year.

"The number one way the Modi administration can demonstrate its commitment to the success of the Atal Innovation Mission, Accelerating Growth for New India’s Innovations, Make in India, Digital India, and Startup India is to strengthen its IP framework in ways that promote the legal and regulatory certainty necessary for greater R&D investment, high-value jobs, and greater innovative and creative outputs,” it said.

"Strong IP standards can further solidify India's position as the world’s fastest-growing economy, bolstering its reputation as a destination for doing business, foreign businesses’ ability to invest and make in India, thereby supporting the growth of India’s own innovative and creative industries," the report said.