Though the government has come out with a National Intellectual Property Rights (IPR) Policy to promote a robust intellectual property (IP) environment across India, we need an ecosystem to take a good idea to a logical end even before it is commercialised, Union Railway Minister, Suresh Prabhu said at an ASSOCHAM event held in New Delhi on Wednesday night.
“We need to find out how can we create that ecosystem because the government has come out with the policy, legal framework is done but to take that policy to logical end we need to work on these issues and I am sure as we go along we will have that ecosystem in place,” said Prabhu while inaugurating an ASSOCHAM event on ICT Start-ups.
He said that an ecosystem will be another very important ingredient for making an IPR Policy successful and therefore partnering with industry associations, bringing in global players will be necessary along with finding out angel investors.
Highlighting how India needs to make largest investment in infrastructure in next few years’ time, the Minister said, “We invest something like US$ 250 billion a year into infrastructure year after year. It is just about 10 percent of GDP (gross domestic product) which is close to about US$ 2.5 trillion and as the GDP keeps growing we will have to keep growing more, so if you take on our next 10 years plan, probably we will have to put US$ 2.5 trillion into infrastructure which is closer to India’s current GDP numbers.”
Adding that India is home to many new ideas, Prabhu added, “When we put that infrastructure, there is a huge scope for innovation.”
The Union Minister also said that India could become a US$ 10 trillion economy in the course of next decade and a half. “With now GST (goods and services tax) becoming a reality, even if we add 20-25 percent of tax to GDP ratio we will have US$ 2.5 trillion of public revenue coming to the government which is equivalent to the size of India’s current economy.”
He further said that innovation is going to make India’s march towards reaching this magic figure faster.
He also said that Indians could become one of the leaders of huge possibilities of innovation which stresses upon the need to develop plans and industry partnerships. “The innovators who have done well need to be recognised and in that context India could be the leader of the innovation process.”
“Even in ICT (information, communication technology) we should use innovation to make lives of people better thereby addressing social issues through business products that is the most sustainable and successful business model,” said Prabhu.
“If one has the possibilities of identifying social needs be it education, healthcare, transportation, agriculture and others and try to plug those with a business solution with an innovative approach, that is the best business model,” he said further.