Beyond Protection: Leveraging Intellectual Property in India’s Digital Economy

There has been a significant change in the management, administration and comprehension of intellectual property (IP) in India as it advances in its efforts to increase foreign direct investment (FDI), propel the recognition of intangibles in wealth creation and stimulate digital economy that also empowers small and medium-sized businesses.

The strong judiciary has made a significant contribution to the generous IP development. With Indian courts adopting foreign standards and making decisions to strictly safeguard IP rights to discourage infringers, litigation involving trademarks, copyrights and patents has reached unprecedented heights. The development over the past few years has been crucial and has set the stage for future IP milestones.

India’s Intellectual Property Evolution: Milestones and Future Directions

While this is undoubtedly forward-thinking, businesses have, for many years, focused primarily on protecting and enforcing their intellectual property (IP). This is a very appropriate focus. These standards are considerably outpaced by those of the current world and forward-thinking enterprises. The recent business news brings light to the 1,364 patent applications that were published in the 18th edition of the Patent Journal in 2023, with 737 of them being early publications and 627 being categorised as ordinary publications. This week’s total grants increased by 0.25% to 780 applications from the previous week.

The current manner of working takes into account several things, including the development of brands, risk reduction, licencing and franchising, safeguarding the brand from dilution, commercialization and monetisation. Being proactive rather than reactive is increasingly necessary in the legal sector.

According to the top business newspaper, the views of the author, as organisations must take into account a variety of factors, the search for answers must be multifaceted. The answer must still be acceptable legally in light of all of this, both in terms of the law and in practice. To do this, the legal profession must have a solid grasp of commercial principles, be upbeat and foresee risk from a tactical standpoint using the available legal resources.

IP should now act as both a powerful defensive barrier that entirely prevents infractions and protects the company’s reputation and brand, as well as insurance against assaults. To achieve this, corporate executives throughout the world would need to be more knowledgeable about and conscious of how intellectual property affects the company, its brand, valuation and return on investment.

Beyond Protection: Leveraging Intellectual Property in India’s Digital Economy