IMPORTANCE OF INTELLECTUAL PROPERTY IN ECONOMIC GROWTH

AUTHOR – SUHANI GAUTAM, STUDENT AT AMITY LAW SCHOOL, AMITY UNIVERSITY, PATNA

BEST CITATION – SUHANI GAUTAM, IMPORTANCE OF INTELLECTUAL PROPERTY IN ECONOMIC GROWTH, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 5 (12) OF 2025, PG. 1079-1087, APIS – 3920 – 0001 & ISSN – 2583-2344

Abstract

In the Indian context, Intellectual Property (IP) has become a crucial driver of innovation, investment, and economic development in the 21st century. With India emerging as a global hub for technology, pharmaceuticals, and creative industries, the protection and promotion of Intellectual Property Rights (IPRs) have gained strategic importance. Effective IP laws encourage research and development, support start-ups, and attract foreign direct investment by ensuring that innovators and creators are rewarded for their contributions. India’s initiatives—such as the National IPR Policy (2016), Digital India, and Start-up India—reflect the government’s commitment to building a knowledge-driven economy. IP-intensive sectors like biotechnology, IT, film, and traditional goods under Geographical Indications (GIs) such as “Darjeeling Tea” and “Banarasi Sarees” significantly contribute to exports and employment. However, challenges remain in the form of limited awareness, procedural complexities, and inadequate enforcement. Strengthening IP education, infrastructure, and enforcement mechanisms will be vital for India to harness the full economic potential of intellectual property and establish itself as a global innovation leader.

Keywords:

Intellectual Property Rights (IPRs), Economic Growth, Innovation and Entrepreneurship, Knowledge-Based Economy, Indian Development Policy