India is home to some of the world’s leading inventors and brightest creative minds.
- Last year, three Indian companies made it into Forbes’ list of the 100 most innovative countries in the world.
- This past spring, Mint and MIT Technology Review recognized eight Indian innovators under the age of 35 that they believe will shape the coming decades.
- And just a few weeks ago, the Under 25 Summit brought together thousands of young entrepreneurs, innovators, and creators in Bangalore to “…showcase, learn and meet likeminded people who are here to change the world.”
But for India to become the “power-hub of innovation” it aspires to be – the country needs a strong intellectual property system. The U.S. Chamber of Commerce International IP Index has found that strong protection for ideas, brands and inventions leads to greater access to finance, increased R&D investment, and greater foreign direct investment (FDI).
For India to become the “power-hub of innovation” it aspires to be – the country needs a strong intellectual property system
India is making some progress in strengthening intellectual property protection, but has plenty of room to improve. In the 2015 edition of the International Property Rights Index, India ranked a distant 62nd out of 129 countries globally.
Under the leadership of Prime Minister Modi, India recently released its National Intellectual Property Rights policy and launched a national dialogue on the importance of innovation and intellectual property. Among other things, the new policy recognizes intellectual property as the foundation of an effective innovation ecosystem, calls for additional training, resources and staff to strengthen the Indian Patent Office and supports further work to build public awareness of the importance of intellectual property.
This week, the India Property Rights Alliance (IPRA) will continue that dialogue at its 2nd Annual India Property Rights Conference. The conference will bring together “organizations that understand and value the importance of property rights in the country’s economic progress, and are willing to work together to push for legislative reforms for greater protection of property rights in India and the promotion of rule of law,” according to IPRA.
More work is needed for innovative companies and individuals in India to feel confident that their ideas will be protected.
This conference – and further action – will ensure IP progress in India continues.
