Intellectual Property Rights Galloping India the Success Way: Study of Innovation and Competitiveness in the Indian Context

Mr. Mayank Sharma

doi:https://doi.org/10.51976/gla.prastuti.v5i1.511603

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Intellectual Property Rights Galloping India the Success Way: Study of Innovation and Competitiveness in the Indian Context

Mayank Sharma

Vol 5 , Issue 1 , January - June 2016 | Pages: 28-45 | Research Paper

https://doi.org/10.51976/gla.prastuti.v5i1.511603

Published Online: July 13, 2016

Author Details ( * ) denotes Corresponding author

1. * Mayank Sharma, Assistant Professor, Institute of Management Studies (IMS-NOIDA), Noida, Uttar Pradesh, India

The twenty-first century will be the century of knowledge, indeed the century of the intellect. Over the past 30 years, a number of major developments and transformations have taken

place in Indian markets. The choices available to Indian consumers have gone up drastically, be it the number of cars that people can choose from, the number of hospitals they have access to, or even the phones they use to connect to others or the Internet.

A nation’s ability to translate knowledge into wealth and social good through innovations and delivering on competitiveness will determine its future. Innovation and competitiveness are linked at a national level as reflected by the strong correlation between the scores of countries on the Global Innovation Index and the Global Competitiveness. Thus innovations hold the key to the creation as well as processing of knowledge

In looking at the needs for India’s next stage of growth, both industry and policymakers are focusing on strategies for fostering capacity for innovation. The link between innovation and competitiveness can be clearly demonstrated at a national level, and at a subnational level there is also a growing need for understanding the dynamics of innovation and to take requisite steps accordingly.

Addressing these competitiveness concerns will require acknowledging that innovation and intellectual property (IP) protection are linked, as today’s invention is tomorrow’s innovation. A stable intellectual property rights (IPR) regime is the foundation of a globally competitive nation, drawing in investments, specifically from FDI. Ultimately, India will do well in the long term if it enables a robust IP ecosystem and protects the IP of its own companies. It will also provide a stable framework for multinational companies wanting to enter India. Yet there are some critical impediments, which have hampered prospects for broader acceptance of IPR norms, and if addressed may enable greater economic cooperation between countries.

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