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India needs IP revolution for more job creation, competitiveness: Goyal

India needs IP revolution for more job creation, competitiveness: Goyal

Minister of Commerce and Industry Piyush Goyal says the government recognises IP as one of the most valuable assets in India's ability to compete in the global economy

Minister of Commerce and Industry Piyush Goyal Minister of Commerce and Industry Piyush Goyal

Minister of Commerce and Industry Piyush Goyal, while conferring the National Intellectual Property Awards 2020 to the winners, said there is a need to bring an IP revolution, which will boost job creation, quality, competitiveness and manufacturing.

"This award not only recognises the innovative ideas of individuals and institutions but also serves as an inspiration for others," he said.

The minister said that powered by Intellectual Property, India can be the "Innovation Powerhouse" of the world. Intellectual Property Rights translates into India's progress in real-time and extends IPR to India's Prosperity Right. "We must aim to make India the "Design hub of World," he added.

Goyal said just like geographical boundaries guard our country's interests, Intellectual Property is the key to the success of start-up India, Make in India & Design in India. He said the government recognises IP as one of the most valuable assets in India's ability to compete in the global economy.

He said one major initiative in this direction has been - National IPR Policy for "Creative India, Innovative India".  

The minister said that IPR filing procedures are now more compact, time-bound, user-friendly and compatible for e-transactions.

Goyal said India has improved its ranking in Global Innovation Index to 48th in 2020, (+33 ranks from 81st in 2015-16). "Now, we must all work in a mission mode to achieve the ambitious target of being in the top 25 nations of the Global Innovation Index," he said.

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