Mental House And Its Pervasiveness In Business Trade And Commerce.
What on earth is Intellectual Propoerty:-
House which emanates from the Human Mind and for which Federal government presents protection is called Intellectual Home Appropriate(IPR). Trademark.Patent,copyright,geographical locale are couple of examples of Intellectual Home(IP). Intellectual home has obtained in prominence in lots of fields of small business in the latest occasions. These days, This is a key asset for lots of the earth's strongest firms. The intellectual house of a business is its legally protectable and exploitable invisible assets .It's really a sub-list of property generally known as "intangibles". The expression "intellectual property (IP)" refers to assets inside of a authorized feeling. It is something that may be owned and handled. The authorized legal rights that provide rise to mental residence are frequently called "intellectual residence rights (lPRs)". There are plenty of different types of IPRs that qualify as intellectual property. The most generally identified lP category is patents. Other groups contain copyrights, trade marks, style legal rights, trade tricks and plant breeders' legal rights. While in the emerging know-how economic system, lP has become a important good results variable for many superior- It truly is an Intangible Asset.But the longer term Rewards to be derived is uncertain. As a result valuation cannot be built effectively.
It has no objectivity or supporting paperwork as opposed to our accounting program which can be based on objectivity.
Historic BACKDROP Bringing about The event OF (Intellectual Assets Legal rights)IPRs:-
For almost all of the 19th century, the United states presented no copyright protection for international
authors; the argument was that it necessary the freedom to copy as a way to educate the new nation. In the same way, areas of Europe crafted their industries by copying the inventions of
Other people. The identical model was followed afterwards by Japan and also later on, following the second earth war, by the two South Korea and Taiwan.
Today, however, establishing nations around the world would not have the luxury to just take their time over lntellectual Home Legal rights (IPR). As a Section of the trade deal hammered out 9 years back, nations joining the globe Trade Organisation (WTO) also signed as many as TRIPS (trade-linked areas of IPR), which contain patents, copyright, trade marks, trade strategies, geographical indicators and these other items. The poor-er nations around the world of the world were given until eventually 2006 to comply in complete with the requirements of this treaty.
Opposite to popular perception, Journeys doesn't make a universal patent process..
Rather, it lays down the bottom procedures describing the protection that a rustic's legal program must supply, Significantly with the current debate around the impact of IPR to the bad has
centred on the problems of entry to high priced medicines, In April 2001, South Africa won a victory against key drug firms battling patent reform there, allowing usage of more cost-effective variations of patented rnedicines for AIDS, Encouraged, the establishing nations issued a declaration in the WTO Assembly at Doha in November 2001 asserting the primacy of general public health around IPR. Additionally they resolved the least-formulated countries ought to bo supplied at the least until 2016 to introduce patent security for prescribed drugs.
For the last one particular yr, the (Earth Trade Organisation)WTO council chargeable for Outings was involved with a difficult proposition : 'compulsory licensing"- the manufacture and promoting of a patented drug with no patent-holders consent, This provision has become available Considering that the development in the WTO and Brazil has now employed the specter of "compulsory licensing" to ring substantial selling price bargains outside of key patent-holding drug firms. This has boon permitted below have problems, which include national emergencies and can be utilized by international locations for instance Brazil or India, which have domestic drug industries to copy the medicines. The issue comes along with international locations which have no drug makers, They will import generic copies through the likes of India. But, can they do so soon after 2005, when these copying exporting countries are alleged to have fallen in Using the Visits line? The large patent-Keeping drug companies in loaded nations around the world have fearful that Indian together with other businesses may possibly abuse the deal to flood their marketplaces To reach at a compromise, the TRIPS council of your WTO Issued a declaration just ahead of the Cancun ministerial begun in September 2003,saying that nations could override patents only "in excellent faith, to
guard public health', Specific actions are stipulated, like distinct designs, shade and packaging, to forestall these generic prescription drugs from getting into rich countries' markets.
Not such a Big Offer:-
"Obligatory Licensing" will involve weak countries like Kenya, Uganda or South Africa- struggling to duplicate patented medicines to battle scourges like Aids-importing cheaper copies from India. The anxious governments must confident community d to people that want this sort of medicines and thus money desired for Imports. Hence the troubled international locations will have to depend on abundant region donors to discover tho cash. Alternatively, they are able to approach earth bodies which might be once again funded by rich nations around the world, As a result, Although the margin (change in selling prices among patented drugs close Indian copies) could be fairly significant, they're not likely "rewarding" marketplaces. In addition there are at the vexed issues of red tape and federal government inefficiency.
Look at Ourselves:-
In India, to prevent and decrease the distribute of Tuberculosis There is certainly now in place a framework for Right Noticed Therapy Short-training course (DOTS), overseen by various world bodies and our federal government. The rising range of tuberculosis instances, combined with Hello V/Aids, destinations an huge stress on tuberculosis Manage actions, The Indian pharmaceutical market does not look at the prospect ("No sale of above-the-counter prescribed medicines") - with relish. Most likely, there is a lesson Within this : not a ethical lesson (involving right or wrong) but an ethical one (involving fairness or unfairness). There's a Restrict on income for prescription drugs battling general public scourges, specially in poorer nations around the world. Potentially, there's no scope for "sadistine" pleasure in Other people' misfortunes.
Medicines for wealthy (and poorer countries too:-
Health conditions afflict men and women in wealthy nations around the world also. There's two separate sorts of huge opportunities in this article.
To start with: To the study-oriented Indian pharmaceutical businesses like Ranbaxy, Dr. Reddy's and lots of Other people innovations (and shipping and delivery) of recent medications are no longer a probability but a reality, They can be interested In preserving their IPR by way of suitable patents.
2nd: Numerous medicines are likely off-patent inside the US sector really shortly, Quite simply generic variations of such drug could be produced by anybody, legally-Whenever they will be able to do so. Along with the Indian pharmaceutical companies - numerous of these will be able to do ao in one of the most Charge-aggressive way. Throughout the very first 6 months with the calendar calendar year, 30 4 Indian providers made fifty eight filings (known as Drug Grasp Information-DMF's) a lot more than the merged overall of another 5 international locations. (Itally 21, China ten, Israel 9, Hungary 9 and Spain five). Outside the house the US, India h thu best range of FDA approved manufacturing crops. In fact, the number of such amenities is sort of equal to that of accepted plants in the US.
Beware Bulk Generic drugs
Manufacture of bulk generic prescription drugs is, however, not a mattress of roses. Indian firms creating Penicillin are mortally afraid about imports of the same from China (which happens to be less expensive) and want defense by means of tariff barriors raised via the Indian govt This will not be doable beneath the WTO rogime for virtually any period of time.
Constitutional And Legal Factors Referring to IPR On Trade And Services:-
Intellectual assets rights slide below merchandise 49 of listing I Union listing of Seventh Timetable to the constitution. The product reads patents, inventions and types, copyright, logos and merchandises marks. Patent is consequently a union issue. Safety of patent suitable was initial launched in 18th century. The Patents Act, 1911, released formal safety of patents legal rights. In Biswanath Prasad Vs Hindustan Metallic Industries [ 1982 CS one hundred forty four (1979)] the Supreme Courtroom observed, "the article of Patent law should be to really encourage scientific study, new technological know-how and Industrial development. Grant of unique correct to possess, use or sell the strategy or solution patented to get a constrained time period stimulates new inventions of commercial utility. The price of the grant of monopoly would be the disclosure with the creation in the patents Office environment which following expiry of your fixed period of monopoly passes into general public area".
World Mental Assets Organisation (WIPO), among the 16 specialised organizations of
(United Nations Organisation)UNO, wan proven in 1970, WIPO with headquarters at Geneva, Switzerland, grew to become en agency of UNO in December 1974, and It administers 23 InternatIonal trea ties coping with intellectual assets security.
Global patenting associations are based on Paris Conference 1883 for cover of intellectual home. Paris Conference is usually a multilateral treaty masking Patent Cooperation Treaty (PCI) administered by WIPO. PCI gives for the following:-
a) Submitting an individual software in a single language and International Look for which provides a report on previously posted application;
b) Centralized publication and option for Intercontinental preliminary evaluation.
c) Seeks protection in a particular country.
Two significant amendments with the Indian Patents Act 1970, viz., the patents (Amend- ment) Act, 1999 plus the patents (amendment) Act 2002, built not long ago appeared to be of utmost tries to adjust Patent Legislation with the Global requirements laid down via the Excursions Settlement as Portion of Uruguay Spherical of multilateral trade negotiation. The whole heritage of Indian patent regulation was a historical past of adjustment Along with the west enabling them to physical exercise the commercial and Import monopolies. Since the Paris Convention, 1883 the West so as to shield Industrial residence and to advertise growth of trade monopoly adopted several policies; and considered one of this kind of procedures connected to intangibles which includes patent legal rights, Because, they visualised that the East and other areas of the earth would now not be productive in Procedure imperialism. Mental residence (IP) was regarded as a splendid system for use for this, laid the Original Basis of successful unification in between the patents rIghts and the company monopoly, Which ultimately led for kind (Typical Settlement On Traiffs And Trade)GATT in themId Indian Patent regulation was almost nothing though the culmination, of joint work exorcised from the GAIT finish MNCS.
Valuation Of Intellectual Assets:-
It is very challenging to worth it since it is very unsure to compute the expected move of future Positive aspects we are going to derive from it.
This paper is about valuing IP belongings; it is regarding how these assets should be valued from the context of external economical reporting. The era of helpful estimates of lP price is also of important value inside the context of interior reporting. But inner reporting demands valuation parameters or indicators which have been unique from Individuals useful for the objective of exterior reporting. Inner reporting is outside the purview of this paper.
Asset Valuation Procedures
Asset valuation Firstly calls for asset recognition. Belongings are regarded inside the accounts if they satisfy the definition and recognition assessments. There are 2 principal approaches to valuing belongings in accounting: input technique and output tactic. Underneath enter technique, the worth of the asset is decided based on the cost inputs which have gone, or should have absent, into its producing. The output strategy, on other hand, seeks to find out the worth of the asset In line with what is often recovered from it both from its outright sate or from its continued use in business enterprise functions. Whilst both equally methods are at present in use, the input strategy can take the first spot of fascination. Less than the existing GAAP, historic Price tag is the principal basis of valuation for most assets. In recent years There have been a bent for the accounting conventional setters to prescribe current price measurement in certain parts, but historical cost-driven valuation is still the predominant valuation basis in accounting. Asset valuation in accounting is guided by two principal issues,relevance and reliability. The values assigned for the property claimed on the equilibrium sheet needs to be suitable along with reliable. If there is a conflict concerning relevance and reliability, the latter wins over the previous. Due to the fact historic Expense- centered values are derived from past transaction charges, they easily pass the trustworthiness check. Historical values are adjusted downwards when You can find proof of impairment of value. But upward changes normally are not permitted. On the other hand, in certain jurisdictions, upward revaluation is permitted when specific specified ailments are fulfilled.Most popular illustration could be the valuation of "Land & Developing".
Why IP Belongings Will need a unique Valuation Solution ?
Accounting Normal 26 And Intercontinental Accounting Normal(IAS) 38,contains valuation of Mental Property.
The transaction-Price tag based solution is inconsistent With all the position of IP belongings. Acquired IP belongings may be valued determined by transaction expenses, but valuing internally created IP belongings As outlined by past transaction expenses is not a possible proposition. In most cases the transactions that give increase to an lP asset can't be objectively China background check determined. Such as, patents designed more than a long period of time haven't any identifiable charges. Whether or not The prices of building an IP asset are discovered, Individuals expenditures may well not bear any connection into the asset's precise value. This is an important purpose why most internally formulated lP belongings are usually not reported on the balance sheet. Accounting normal setters are grappling with The difficulty, however the mismatch involving accounting rules and the right valuation of IP and very similar property proceeds to exist. They're nevertheless to establish an appropriate basis for resolving the problem of trade-off amongst relevance and dependability.
lP assets are unique in several important respects from the standard belongings. Many of IP property are contexts unique. Typically, the real worth of an lP asset is dependent to a great extent on the flexibility of the corporation proudly owning the asset to utilize it successfully and properly. The worth typically also depends on the ability of the corporation to exclude Other folks from using the asset. For this reason, it turns into. typically tough to figure out responsible means of assigning values to IP assets. Substantial exploration lately has absent into fixing the problems of valuation of lP and various intangible assets and, consequent on which, some valuation products are created (e.g., Intangible Property Monitor of Sveiby, the Skandia Design and the Balanced Scorecard of Kaplan and Norton). But none has obtained popular acceptance.
Choice Valuation Ways:-
There are a variety of examined means of valuing IP. While picking a valuation method a firm ought to first of all determine how the asset becoming valued will create benefit for it. An asset may build benefit for its operator by producing more revenues, by saving expenditures or by giving aggressive edge. It's the way an asset creates worth for the owner which should pick which valuation technique is to be adopted. An outline of doable valuation approaches is offered underneath.
(one) Discounted Cash Stream(DCF) Tactic:-
The DCF approach is considered as an ideal approach for valuation of assets. At probably the most fundamental amount, the worth of an asset is determined by 3 factors; the amount of it is expected to produce in cash flows; the timings of era of All those cash flows; and the diploma of uncertainty connected with the cash flows. The DCF strategy can take into consideration each one of these elements. Beneath this method, the worth of an asset will be the discounted current price of its approximated long term dollars flows. To use this valuation approach it's important to look at the ailments below which the lP asset will probably be utilized and to acquire an agreed basis for projecting long run earnings and expenses attached towards the asset. The projected amounts are then discounted by applying an acceptable lower price factor. The achievements of the solution relies on the precision with which the longer term funds flow projections are created.
(2) Excessive Functioning Revenue Strategy:-
The surplus operating gains solution determines the worth of the IPR asset by capitalizing the excess revenue the business enterprise expects to create with the assistance of your asset. There are plenty of ways in which the surplus profits can be calculated. 1 feasible technique for computation of such income is to help make estimates of earnings the small business would get paid with no asset.,i.e. to say the income the organization would receive in the conventional system of small business had the IPR currently being not inducted to the company.
(three)Alternative Price Method:-
This technique seeks to value an IP asset by quantifying the sum of money that will be needed to swap the asset or building an equal asset. The replacement cost technique is predicated on the belief that there is some relationship involving Expense and price.
The industry-primarily based strategy values IP property by aiming to the prices of equivalent property that have been traded concerning experienced events at arm's length in an Lively current market. If it can be done to establish transactions that happen to be particularly similar, the strategy will perform satisfactorily effectively. But generally the look for a equivalent transaction proves being a futile exercising.
(5)Price tag/Royalty Price savings Tactic:-
The fee financial savings method values price savings which the company expects to generate as a result of proudly owning the IP asset. In the event the enterprise possessing the asset is ready to compute The prices it has saved on account of introducing the new asset, it can certainly arrive at a foundation for assigning an suitable price towards the asset. Beneath the royalty financial savings tactic, the enterprise will be to build estimates as into the amounts of royalties it must pay back if it had been to license an asset to make the return it is earning on the present asset.
(six)20-5 P.c Strategy:-
The "twenty-five per cent" technique is used in a lot of conditions to value patents and technological innovation. The system is predicated on guidelines of thumb. Beneath This method, the value of an lP asset is computed as staying equivalent to 20-5 per cent with the gross gain gained on products which utilize the solutions from the asset. The validity in the strategy is tough to confirm.
(7)Possibilities-Based mostly Technique:-
The options-primarily based strategy needs the use of the concept of options in assigning benefit to IP belongings. Possibilities-based mostly strategy is presently Employed in valuing economical derivatives. But the options-primarily based valuation product can certainly be extended to other types of property. The owner of the intellectual assets has a range of alternatives concerning how He'll make use of the asset. Choice pricing models try and estimate the economic values for every of these doable selections.
The selection of valuation approaches should not be arbitrary. It ought to be based on the business traits and Incidentally by which the corporate delivers its services. If the worth attributed to lP assets can't be included to the equilibrium sheet for technical good reasons, the information could possibly be provided on the supplementary foundation. But This could be carried out in a systematic and dependable way.
Assigning a value on lP assets is often a difficult task. It's really a difficult task specially when the exercise has to be performed during the context of preparation and presentation of external monetary statements. Even so the accounting career should really be ready to ac cept the obstacle. It should promote measures for revamping the existing accounting method. The existing monetary reporting gap attributable to the failure in the accounting
technique to accept critical property has to be shortened. Energy must be manufactured to view to it that fiscal statements give an correct portrait of corporate means.
Mental Home RIGHTS IMPLICATIONS FOR Acquiring Nations around the world
Most international locations goal at encouraging improvements by framing legislation to manage the copying of Suggestions, innovations, literary together with other Innovative expressions, special names, busir. modo Industria proco symbols, Pc program codes, and many others. Four separ and dlstinct different types of intangible house, viz., patents, trademarks, copyrights, and trade insider secrets are collectively known as mental property (IP), IP Is thus any solution of human Intellect that is exclusive and un-apparent acquiring some industry benefit. IP has many of the features possessed by genuine and private assets. Nonetheless, the most vital difference between IP and also other varieties of home is the fact IP is Intangible and therefore It can't be outlined or discovered by Actual physical parameters. It has to be expressed in some characteristic way so that you can be protected.
Considering that PP Can be an asset, It can be purchased, sold, licensed, exchanged, or gifted away like every other form of residence, All over again, the operator/creator of the lP has the ideal to prevent the unauthorized use or sale of this sort of house, The many 4 different types of PP are shielded by national governments by conferring legal rights to IP Intellectual property legal rights (IPRs) are outlined as 'legal rights specified to persons above the croations of their minds' (WTO) Web page Visits material). Considering that IPRs are secured by national governments, the scope of safety and the requirements for getting defense will vary from a single country to a different.
During the formulated globe there exIsts a robust foyer of individuals who feel that all IPAs are great for small business, profit the general public at big and act as catalysts for soclo-economic conclusion technoloqical development. During the creating entire world, there exists a powerful watch that lPRs are very likely to cripple the point of countrywide Industry and technological know-how, harm the men and women and profit only the formulated environment. The process of employing the Trade-Relevant Facets of Intellectual Residence Rights (Excursions) has not resulted in reducing the hole concerning both of these sides. In actual fact, It's got assisted to reinforce the opposing arguments in existence. Those who are in favour of a lot more IPRa along with the creation of the degree enjoying f/aged take into account Outings as a useful tool with which to achieve their targets. But individuals who look at IPRa as damagIng for establishing international locations believe that the financial participating in discipline which was by now uneven in advance of is becoming way more unequal While using the introduction of Journeys.
The produced world has acknowledged and altered to lPRs due to the fact extensive. Though some times the cons of IPR8 are a lot more than their pros, most of the countries
during the formulated globe are economically solid adequate and possess nicely-designed authorized mechanisms to deal with the problems Concerned. Once more, those international locations have ample national prosperity and infrastructure to capitalise about the possibilities available when benefits of IPRS are over their disadvantages. But, in all likelihood, this is not genuine In the case of acquiring nations.
The difficulty is how national IPRs is often developed which has a check out to benefitting the acquiring nations to the most extent. Arduous specifications concerning IP so tar given that the building nations around the world are concerned shouldn't be insisted on just before an goal evaluation is made of the Effect of these standards on advancement. Producing nations around the world may locate lPRs valuable only when they're accommodated to suit neighborhood problems as well as Intercontinental establishments and many of the countries, each produced and building, want to look at that.
The advocates of IPRs, particularly those in business and government in the developed countries, are of your perspective that IPRs enable to promote economic advancement and lower poverty while in the building countries in a similar way as from the designed countries, Having said that, persons from distinct social quarters in the producing nations have rightly identified the fallacy & this argument. They've categorically mentioned that IPRs will help to generate invention In many of the establishing countries since the requisite human and technological capacity might, in all likelihood, not always be current. Opposite to the assertion in the proponents, lPRs have guide to boost in the costs of necessary medicines and agricultural Inputs, and have created everyday living tough for that weak folks, which include farmers, in the building international locations.
The scope, extent, and job of IPR protection have expanded at an extremely rapidly amount throughout the last two decades or more. lPRs happen to be developed to protect lots of new systems, viz., information and facts technology and biotechnology and a large number of patents happen to be taken notably with respect to genetic components. Minimal specifications for IP safety have already been created worldwide because of the planet Trade Organisation (WTO) Agreement on Visits. Considerable conversations may also be going on on earth Intellectual Residence Qrganisation (WIPO) so as to harmonise the patent technique nevertheless additional, This aside, bilateral or regional trade and financial commitment agreements among the created and acquiring international locations normally cover mutual commitments to put into practice IP regimes surpassing the bare minimum standards established by TRIPS. Consequently the building nations around the world are below continual stress to enhance the levels of IP safety in their own nations at par with the expectations established in the designed nations around the world.
Even in created entire world, apprehensions are there concerning the functioning of IPR
techniques. In new times, application for patents has improved manifold and it can be being perceived that a lot of patents of very poor high-quality and/or having also extensive scope are now being issued. You can find also the chance that many businesses might have to spend considerable amount of time and cash so as to determine how or whether or not to carry on research with no infringement of Many others' patent legal rights, or letting Some others to infringement on their own personal patent rights The advantages arising outside of these expenditure of time and cash have to be weighed against the massive charges associated with patent litigation and efforts need to be designed to scale back this kind of non-successful/a lot less-productive expenditure.
These apprehensions about u impact of IP are Similarly accurate with the establishing globe. What's more, the establishing countries need to be cautious with regard to the direct impression that the IP devices In created international locations may have on them, e.g. the producing countries might not be having the many benefits of analysis do the job (on some Essential matters severely influencing them) that are being carried out while in the made globe. Once again, the producing countries are being largely deprived of their genuine share of Positive aspects arising from commercialisation in their awareness/resources if they are patented inside the designed international locations.
A significant issue to think about is whether the rules relating to IP protection and establishments entrusted with their implementation that have developed to date inside the produced nations can in any respect be helpful for the developing nations around the world In the entire process of their socio-economic development and particularly inside their attempts in the direction of poverty alleviation.
In certain social quarters You will find a robust belief that IP defense of some type is also handy to the creating nations around the world as it might inspire them to generate inventions and acquire new technologies that could in the end be effective within their soclo-financial envi rons. But that can bring about large prices to the individuals and also other users of these kinds of protected technologies. It thus gets to be required to consider no matter whether the advantages outweigh The prices. This, in turn, will rely on the nature of application of IPRa plus the socio-financial circumstances in vogue while in the place where they are being applied. There fore, IP safety specifications, benefiting formulated nations around the world, may be disastrous for creating nations Because the latter have to satisfy even their simple demands largely by drawing upon the knowledge created in other countries, especially the created ones.
Your situation during the producing international locations is kind of diverse. Even though it really is correct that a lot of the creating countries are usually not technologically extremely advanced, they are doing possess pretty abundant knowledge designed over the hundreds of years and precious resources of varied sorts ; can reward not just their very own nations but the whole world at massive, The fundamental concern that arises is if the IP systems thus far generated while in the developed entire world might help to safeguard such expertise and vast assets and warranty justice to their homeowners.
With the point of view of the government, conferring on the IP ideal is usually a make a difference of community coverage and hence the IP policy needs to be so made which the profit to Modern society (when it comes to enhancement in standard services and infrastructure and technological innovation) ought to out-weigh the expense to the society (when it comes to the large Expense to get paid out with the buyers and the price of administering the technique). But the point is that the IP right Alone remaining A personal just one, the money Added benefits and expenditures drop on distinct social groups.
An IP ideal may very well be seen as a means for enabling nations around the world to aid the enjoyment of basic socio legal rights. IPRs need to in no way be allowed to dominate about the basic human legal rights. In truth, IPRs (e.g., patents and copyrights), granted by governments, are quick-term in character but the basic human legal rights are inherent towards the individual. Regrettably, these days most often, lPRs are taken care of as financial and industrial legal rights held through the organizations in lieu of personal inventors. The granting of these types of
rights as well as their software within their acquiring nations will, in all likelihood, profit the holders in the lPRs within the cost of The fundamental human legal rights of the very poor people in the
producing countries who will be mostly be deprived of even The fundamental necessities of everyday living as a result of significant prices involved.
The trouble is the fact, the pursuits of the proprietors/creators of IPs proceed to dominate
the formulation of lPR procedures, and those of the last word buyers are pushed to your hedge. The acquiring nations around the world work from the weaker posture though negotiating with the created countries in issues concerning lPRs, So, plan makers really should severely take a look at the attainable results of implementation in the IPRs on the ultimate consumers right before likely for even more extension of IPRs as an alternative to just taking care of the pursuits on the proprietors/creators of lPRs,
The crux of the whole matter is that the professional passions from the made earth usually come in conflict Along with the developmental wants of the producing nations. What is important is the fact as well superior IPR specifications really should not be indiscriminately imposed within the acquiring nations and applicable technologies must be made available to them at competitive price ranges. The building international locations also need to strongly put up their will cause in various globe forum and international locations like India and China are envisioned to play a leading position During this regard.