India focus: The era of national IP policy

India was ranked 81 out of 141 countries in the “Global Innovation Index 2015”. This may be attributed to the socioeconomic growth pattern post-independence. The economy was closed until 1991 and research and development was mainly financed publicly. However, with the opening of the economy, innovation in the private sector became the key driver of growth. It became apparent that entrepreneurship would develop only by providing adequate support to innovation, which will boost economic growth.