A large majority of the Indian corporates strongly favoured the need for a sustainable intellectual property (IP) framework the key driver to attract foreign direct investment and foster economic growth by encouraging R&D in the country, said a survey report by Strategic Partners Group (SPAG) on the occasion of World IP Day.
According to the study titled ‘Benefit Sharing In a globalized India’, most leadership in corporates said that IP is one of the key drivers to attract foreign direct investment and foster economic growth. Brand protection and innovation emerged as the two keywords that are associated with IP.
The leadership represented six key sectors in the country namely healthcare and pharmaceuticals, information technology, legal, entertainment and music, industry associations, academia and institutions.
They pointed out that a holistic IP ecosystem will encourage R&D and thereby help India realise its potential as a developed economy, it said.
With the intent of providing a baseline of how IP is perceived in India, an opinion poll was carried out by research and advocacy firm SPAG among 150 senior representatives in leadership roles across six sectors presents the value of IP based the insights provided by them.
The poll aimed at providing insights to the policy makers and developing a framework keeping in mind India’s long-term business and economic interests.
Managing Partner, SPAG Asia, Aman Gupta said India models the premise that innovation is the key to the success and sustainability of a robust economy.
He said the survey has been commissioned with the intent to be a constructive tool for policy makers to hear the voices of the Indian corporate leadership and thereby develop a transparent and consistent framework for India’s long-term interests.
Countries that earn a reputation for promoting and protecting creative capital reap important domestic benefits. They incentivize substantial R&D investments necessary for job creation and fostering a legal and financial infrastructure in the economy that enables the successful commercialization of new products, he added.