Create Ecosystem to Make New IPR Policy Successful: Suresh Prabhu

The aim of this Conclave & Awards is to facilitate further development of IPR footprint of Indian start-ups enabling them to utilize IPRs effectively in knowledge driven economy.

Startups in India show a positive approach towards creation, protection and management of IPR, so as to enable them to compete in the global market and achieve growth in business. It is widely acknowledged that Intellectual Property (IP) can improve the competitiveness of startups and act as a potential source of revenue for them.

On the occasion of World IP Day, in recognition and appreciation of the good work done by Indian SME’s in the IPR domain, ASSOCHAM recently organised the “India Innovates Conclave” followed by ASSOCHAM Awards for Start Ups in Delhi. Ericsson India had supported this initiative as Presenting Partner for the awards with a prize money worth Rs. 1,00,000/- each to the award winners.

The aim of this Conclave & Awards is to facilitate further development of IPR footprint of Indian start-ups enabling them to utilize IPRs effectively in knowledge driven economy.

The guest of honour for the evening was Union Railway Minister, Shri Suresh Prabhu who stressed on the fact that a National Intellectual Property Rights (IPR) Policy by the government, to promote a robust intellectual property (IP) environment across India, needs an ecosystem to take a good idea to a logical end even before it is commercialised.

“We need to find out how can we create that ecosystem because the government has come out with the policy, legal framework is done but to take that policy to logical end we need to work on these issues and I am sure as we go along we will have that ecosystem in place,” said Shri Prabhu while inaugurating the ASSOCHAM event on ICT Start-ups.

He said that an ecosystem will be another very important ingredient for making an IPR Policy successful and therefore partnering with industry associations, bringing in global players will be necessary along with finding out angel investors.

Highlighting how India needs to make largest investment in infrastructure in next few years’ time, the Minister said, “We will invest something like $250 billion a year into infrastructure year after year because it is just about 10 per cent of GDP (gross domestic product) which is close to about $2.5 trillion and as the GDP keeps growing we will have to keep growing more, so if you take on our next 10 years plan, probably we will have to put $2 trillion into infrastructure which is closer to India’s current GDP numbers.”

Adding that India is home to many new ideas, Shri Prabhu added, “When we put that infrastructure, there is a huge scope for innovation.”

The Union Minister also said that India could become a $10 trillion economy in the course of next decade and a half. “With now GST (goods and services tax) becoming a reality, even if we add 20-25 per cent of tax to GDP ratio we will have $2.5 trillion of public revenues coming to the government which is equivalent to the size of India's current economy.”

He further said that innovation is going to make India’s march towards reaching this magic figure faster.

The Union Minister also said that India is lucky to have a Prime Minister who is the biggest innovator of the world, as he thinks differently which is a pre-requisite for innovation.

“Even in ICT (information, communication technology) we should use innovation to make lives of people better thereby addressing social issues through business products that is the most sustainable and successful business model,” he said.

“If one has the possibilities of identifying social needs, be it education, healthcare, transportation, agriculture and others and try to plug those with a business solution with an innovative approach, that is the best business model,” he said further.

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