Patents-A Power Tool for Economic Growth: An Approach with Special Reference to India

Abstract

Utilizing physical capital like machinery, has historically been essential to spurring economic expansion. A lot of
research work has been done in this area in the past. More recently, the digital revolution specifically ICT has introduced
cutting-edge communications and computer tools to boost productivity and promote economic growth. To promote growth,
and innovation businesses began spending more on R&D which resulted in the production of intangible assets at a large
scale. The effects of intangible assets on economic growth are difficult to see or quantify but one thing is clear that IP rights
assist in preserving these intangible assets. art of this article would evaluate the relationship between IP and economic
growth. Research shows that there are some factors like innovation, R&D, FDI, MSMEs and domestic policies etc. which
can be enhanced by IP and in turn it will promote economic development. These factors would be analyzed in the second
part from the Indian economic aspect to find out the best IP regime to promote economic development. This paper further
evaluates the possible ways to increase the contribution of IP and innovations for economic growth.