Abstract
Intellectual Property Rights (IPRs) are valuable tools for fostering innovation and creativity. They can play an instrumental role in the growth of the economy. Illustratively, during the period 2014–2016, IPR intensive industries generated annually 45 per cent of Gross Domestic Product (GDP) (EUR 6.6 trillion or over INR 546 trillion) in the European Union (EU) and accounted for 63 million jobs (29 per cent of all jobs).1 Also, while total employment in the EU declined slightly, these IPR intensive companies generated additional 1.3 million jobs during 2014–2016 compared to 2011–2013.2 In the USA, 81 IPR intensive companies directly accounted for 27.9 million jobs in 2014, and in the same year, 38.2 per cent of total US GDP was attributable to these companies.3 The Government of India recognizes the relevance of IPRs in protecting ‘abundance of creative and innovative energies’ in the National IPR Policy (2016).4 The Policy envisions:
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