The Role of Intellectual Property Rights in Promoting Socioeconomic Upliftment by Fostering Innovation and Technological Advancement

  • Vibhor Gupta and Sachin Rastogi
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  • Vibhor Gupta

    Researcher at AIALS, Amity University Uttar Pradesh, India

  • Sachin Rastogi

    Former Professor at AIALS, Amity University Uttar Pradesh, India

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IPRs are fundamental to innovation and creativity and hence to economic development leading to a higher standard of living. This paper is an important part of the collective title that protect our inventions, trademarks, copyrights, and patents- IPR. IPR encourages innovation and new technology, product, and service development through exclusive ownership to the inventers and innovators. This further grows the economy and jobs. IPR also facilitates sharing knowledge and investment with confidence, technology transfer and FDI. They promote fair competition, prevent the spread of unauthorized versions of creative works, and offer potential financial rewards to innovators. IPR unite communities and ensure social inclusion by protecting traditional knowledge and cultural heritage. They protect and turn indigenous knowledge into viable commercial opportunities, thus boosting local economies and sustainable development. IPR is essential to the development of the socioeconomics. IPP foster innovation by incentivizing companies to invest money into research and development (IPR) originating from valuable ideas.


Research Paper


International Journal of Legal Science and Innovation, Volume 6, Issue 3, Page 1042 - 1047


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This is an Open Access article, distributed under the terms of the Creative Commons Attribution -NonCommercial 4.0 International (CC BY-NC 4.0) (, which permits remixing, adapting, and building upon the work for non-commercial use, provided the original work is properly cited.


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