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

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 fromthe 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.