Abstract

The Indian economy's mainstay, the handicrafts industry, is up against fierce competition from imitations created by machines and in nations like China, Malaysia, Indonesia, and others. Since a few years ago, there has been a heightened awareness in India about the need to protect traditional crafts from theft and unlicensed copying. As a result, the government of India has realized the value of intellectual property rights for the crafts industry and launched a nationwide campaign to protect India's traditional handicrafts under the Geographical Indications Act. The Geographical Indications Protection and Handicraft Mark, if successfully implemented, can be powerful tools for creating value for the handicraft sector and are expected to bring Monetary Benefits to India's handicraft industry, even though the country's current Intellectual Property Rights (IPR) Regime is insufficient to address all of the issues involved in protecting handicrafts. In a few years, they should also bring about improved living conditions for the artisan sector and general socioeconomic development. If they simply wait on a registration, as is the case in India right now, they will not live up to expectations. Intellectual property rights must be turned from just enforced legal rights and concepts into marketing tools that build and enhance the brand value of the product in order to become commercially valuable assets. The artisans' market value and competitiveness will rise with the aid of an efficient IP-based marketing plan, which will also help to reduce the risks and unknowns. To maximize the commercial potential of the IP assets, inventive, proactive, and imaginative utilization is required

Description