Intellectual Property Rights And Its Impact On India’s Economic Growth
- IJLLR Journal
- 10 hours ago
- 1 min read
Ms. Gunjan Tiwari, B.A. LL.B. (H), Amity Law School, Noida
ABSTRACT
The economic landscape of both industrialized and developing countries is greatly influenced by intellectual property rights (IPR), which promote investment, innovation, and technological development. In a nation like India, where knowledge-based industries are becoming more and more important, IPR are a means of fostering economic expansion. Economic development and intellectual property rights are interdependent; robust IPR protection encourages innovation, which raises industrial output, creates jobs, and increases competitiveness internationally. India underwent a dramatic change in its legal and policy position with its entry into the international IPR system, particularly after signing the TRIPS Agreement under the WTO. Positively, IPR has made it possible for Indian businesses to grow globally, safeguard innovations, and improve brand value. Additionally, traditional Indian goods like Pashmina wool and Darjeeling tea have been protected by the Geographical Indications (GI) Act. IPR is not without its problems and critics, though. Public health concerns are raised by the fact that tight patent restrictions. Furthermore, the effectiveness of IPR enforcement in India is still hampered by problems like counterfeiting, piracy, and protracted legal proceedings. The article examines these complex effects of IPR on the Indian economy using policy analysis and real-world examples. The study comes to the conclusion that although intellectual property rights (IPR) are an essential tool for economic advancement, their application must balance promoting innovation with protecting the general welfare. India can achieve inclusive and sustained economic growth with the help of a well calibrated IPR framework.
Keywords: Intellectual Property Rights, Interdependent, Innovation, Economic development Technology.
