Quoting from various studies GIPC, an affiliate of the US Chamber of Commerce, said India's GDP will see a significant increase if unabated use of online and software piracy is arrested.
"While international rating agencies have portrayed a negative outlook on the country's GDP, studies have indicated that the use of licenced software alone can increase India's GDP by a whopping USD 739 billion," GIPC said in a statement.
Experts are of the opinion that the music industry alone suffered an estimated total loss of USD 431 million last year due to piracy, it added.
Software industry reported a 63 per cent rate of PC software piracy in 2011 with a commercial value of unlicensed software estimated to be over USD 2.9 billion, it said.
"A 1 per cent rise in the use of licensed software would generate almost USD 1.3 billion in national production for India, compared with USD 554 million from a similar increase in pirated software," GIPC said.
Licensed software is an important driver of national economic growth. Government, law enforcement and industry in India should take every opportunity to reap these potential gains by reducing piracy and promoting use of properly licensed software, it added.
Competitive Advantage: The Economic Impact of Properly Licensed Software report, jointly prepared by non-profit trade association BSA -- The Software Alliance and global business school INSEAD revealed that increasing use of licensed software would have a greater impact on Indian economy.
GPIC added that another report by the International Intellectual Property Alliance (IIPA) stated that physical, online and mobile piracy, illegal recording of movies from cinema screens and unlicensed use of software by enterprises, print and photocopy piracy stifle the market for other creative sectors.