India’s Intellectual Property Rights (IPR) Regime & Global Economic Influence

Abstract

In today’s competitive business world, Intellectual Property (IP) has increasingly assumed a vital role with the rapid pace of technological, scientific and medical innovation and is increasingly proving to be a major force for economic growth. Moreover, changes in the global economic environment have influenced the development of business models where intellectual property is a central element establishing value and potential growth. India being world’s leading knowledge economy seriously considers IP as an economic asset and understands the need to strictly protect it as it is a key to growth and a crucial factor for competitive advantage in doing business globally in the 21st century to reap the rewards through promoting creativity and innovation. Safeguarding and protecting Intellectual Property Rights (IPR) in India are crucial and critical for maintaining present as well as ensuring future competitiveness and overall economic development. It is now an established fact that IPR has an immense impact on the Foreign Direct Investment (FDI) inflows in India, which is helping not just in terms of capital inflows, but also in terms of development of technology, scientific research and expertise in various fields especially in IT, pharmaceutical, engineering and Research and Development (R&D) related industries.