Role of Intellectual Property Rights in Economic Development: A Study

  • Sanjib Roy and Ashish Kumar Singhal
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  • Sanjib Roy

    LL.M. student at ICFAI Law School, The ICFAI University, Dehradun, India

  • Ashish Kumar Singhal

    Associate Professor at ICFAI Law School, The ICFAI University, Dehradun, India

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Intellectual property is the property that is created by the human mind and intellect. Intellectual property rights are growing more and more valuable in the modern day. The Indian government has long offered judicial frameworks and well-established administrative services. The protection of intellectual property rights was crucial to a nation's overall development. Each country has its own laws pertaining to intellectual property. Effective planning and rigorous protection of intellectual property rights are key factors in the economic development of many industrialised nations. IPR encourages innovation, which fuels economic expansion. Nowadays, the main task of any and every firm in the globe is innovation creation. IPR encourages innovation, which fuels economic expansion. The value of IPR laws is being used by the nations to promote their enterprises. IPR grants a restricted right to the author, producer, or administrator when they utilise their product for a finite amount of time. The growth of a nation depends on its intellectual property rights. The impact of IPR on the economic process in many nations relies on different stages of development, such as GDP growth and human capital development, imitation activities and technical advancement, etc. Due to various R&D initiatives, high income nations often create the majority of discoveries. IPR protection also promotes innovation by enabling inventors to profit handsomely from their creations. All things considered, material possession rights have a favourable impact on the economic process in middle-income countries, although this effect is less pronounced than it is in high-income countries. This may be explained by the fact that IPR protection in these nations is very weak. A nation like India, one of the world's most rapidly rising economies, has to focus on increasing market productivity. India is regarded for providing exceptional services to the rest of the world.




International Journal of Legal Science and Innovation, Volume 6, Issue 3, Page 201 - 213


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