Competition laws, IPR encourage innovation, aid human progress: D Subbarao

Competition laws and

Intellectual Property Rights (IPR) both encourageinnovation and contribute to human progress, former RBI Governor D Subbarao said on Saturday.

Subbarao, who was speaking at a virtual event where a book on IPR and competition law was released, said competition keeps businesses on the edge and to keep improving.

Businesses keep innovating to improve products as they seek to grow.

"But at the same time, we also need IPR in order to encourage innovation.Why? Because, innovation takes a lot of money," he said.

He also said despite a 'tension' between them, competition law and IPR target a common objective which is to encourage acquisition and spread of knowledge.

Harmonising the tension between competition laws and IPR in the context of digital technologies is a much more complex public policy challenge,the former RBI governor added.

The book, titled "IPR Bride and Competition Groom", authored by retired IAS officer S Chakravarthy, was released by former Union Home Secretary K Padmanabhaiah.

Competition Commission of India Chairperson Ashok Kumar Gupta, former Union Health Secretary Sujatha Rao and several other dignitaries attended the virtual event.