Incentives by the Government of India for promoting Intellectual Property Rights

Abstract

With phenomenal growth of the Indian economy, it is vital that Intellectual Property (IP) Rights are generated in India and then legally protected and exploited. IPs are increasingly becoming crucial drivers of social and economic growth by encouraging creativity and innovation. Enforcement of IP is necessary for economic development, especially industries, rely on such IPs. It is essential to provide an incentive for new creations. These incentives come in the form of monopoly rights given to the creator of such IP. Respecting others’ IP is necessary to promote such development. Only when an assurance of rights over the IP generated is given to the creator, one will be willing to generate more such IPs. Not only to the creator but IP is important for consumers as well to identify the products and ensure their purchase with the guarantee of quality. IP activity in India is showing a remarkable upward trend in the last few years with an upswing in the number of IPs filed.