Given the new policy initiatives by the Government of India that provide significant opportunity, Indian companies must develop IP-based innovative products and solutions that lead to business and economic growth.
India is one of the fastest growing economies in the world and is projected to become the world’s third largest economy by 2025. The country has made significant progress in the last 30 years. One of the key drivers for economic growth after the 1991 reforms was the increased domestic consumption led by the creation of lakhs of new jobs in the services sector and increased foreign direct investment (FDI). Growth in the last three decades has been mainly due to the services industry in the area of information and communication technology. To achieve the next phase of India’s economic growth and make it sustainable, it is imperative for India and Indian companies to foster research, technology, and innovation to develop IP-led products and services for Indian and global markets.
Why IP-led Innovation for Businesses?
IP-led innovation is critical for India’s future economic growth and competitiveness. India offers multi-billion- to trillion-dollar new market opportunities for companies to develop innovative products and solutions to meet the needs of the aspirational middle class and resource-poor people. The size of the aspirational middle class in India is expected to increase from 470 million in 2010 to 570 million in 2021. The market size is expected to cross USD one trillion due to the increase in the middle-class population in India1. Furthermore, products and solutions developed for the Indian market are going to be relevant to global markets.
This story is from the January - February 2017 Issue edition of IP ERA.
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This story is from the January - February 2017 Issue edition of IP ERA.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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Given the new policy initiatives by the Government of India that provide significant opportunity, Indian companies must develop IP-based innovative products and solutions that lead to business and economic growth.
