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India: A sleeping giant ready to stir
“Today, under the governance of Prime Minister Modi, with his reputation as a clear, decisive leader, the sleeping giant of Indian innovation may finally be ready to stir.”
After years of stifled growth and policies by the previous administration which generated great concern by innovative industries, many international voices are beginning to express optimism for India’s economy. GIPC’s Mark Elliot helped illustrate the opportunity that is available to the new leadership of PM Narendra Modi in a recent editorial in the Indian media outlet DNA.
According to Elliot, clear respect for intellectual property rights drives innovation and growth. And a new mandate for India to protect and promote, rather than undermine, intellectual property rights can be a key to attracting Foreign Direct Investment. As Elliot states:
“There is a formula for economic competitiveness, and it involves education, infrastructure, logistics, rule of law, and the cultivation of an innovation culture. When these factors come together, dynamism emerges. Legal certainty provides a safe haven for research and development, which, in turn, drives innovation. Companies invest, workers are hired and economies grow.”
Specifically, with a new approach to IPR, Elliot points out that India’s marketplace can foster progress toward realizing the positive economic benefits that accrue from growing domestic innovative industries.
“An innovative India would create a welcoming environment for the world’s intellectual property. It would also encourage development of its own 21st century technologies, its own life-saving medicines, and its own class of innovators and entrepreneurs. The world would be eager to invest in India’s success, spurring a virtuous cycle of continued growth and innovation.”
Fortunately, with the recent change in government and new majority leadership, the country has a wonderful opportunity ahead. The global business community looks forward to deepening ties with India and exploring new potential with the hopes of an enhanced appreciation for IPR.