Priority Sector in India
Intellectual Property Rights Intellectual Property Right
(IPR) has emerged as an indispensable strategic tool in today’s knowledge
economies and societies, particularly in the context of economic globalization.
The ability to compete in the global market depends to a large extent on the
capacity to generate new ideas through innovation in science and technology,
where such ideas are transformed into wealth-generating products. IPR, by
conferring exclusive monopoly rights to its owner for a limited duration, has
emerged as a significant factor in creating incentives for innovation and
generation of economic value. An effective IPR system is also a constituent of
a reliable legal environment, which in turn becomes an important factor for
decisions on foreign investment and technology transfer. Key systemic issues in
this regard are: • Clearly defined contractual rights and obligations enshrined
in the law; respect for law; development of effective legal systems for
enforcement; availability of accurate and detailed ready-to-use IPR
information; • Opportunity for continual training of IPR professionals across
sectors; creation and development of modern infrastructure, including human
resources in the various IPR establishments; • Harmonization and streamlining of
administrative procedures of the different IPR offices and perhaps most
significantly, the development of a vibrant IPR culture in the processes of
knowledge creation,
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