We are all fortunate to be living
in very interesting times. After the industrial revolution of the 18
th
and 19
th century that transformed the very face of day to day lives
and economy we, who are surviving in the current century are the witnesses to
another history in the making, “ The Knowledge revolution.”
  Just as the current generation has grown up
on a healthy does of Industrial revolution in their history books, the future
generations will study, how the knowledge revolution transformed the world. And
proudly for us,
India
is at the very heart of this revolution.
All over the world, the countries
are being assessed not only by their economy growth rates but also by their
intellectual capital. The competition to possess know-how shows all the
indications of growing manifolds in the coming years. According to the WIPO
statistics released this year, 194,400 PCT applications were filed in 2012,
which constituted a 6.6% increase then the previous year.
Universities being the cradle of
creation are amongst places that generate a significant amount of intellectual
property. These are products of research conducted at the various centers and
departments of a university. The intellectual property thus generated in the form
of products, discovery of important facts as well as concepts and ides needs to
be protected. For instance, the dedicated research centers of Jain University
are engaged in a plethora of activities, some leading to product development,
others discovery of important phenomena. Protecting these intellectual properties
and acquiring patents for them is as important as the research itself.
Till date, universities  located in U.S have topped the charts when it
comes to filing patents for the innovations generated through research. It is
time that the Indian universities created awareness on the same and benefitted
by the fruits of research they are conducting. Towards this Jain University
has put in place several systems to create a robust tradition of creation and
protection of intellectual property. Sensitization programmers towards
intellectual property Rights (IPR), their benefits and strengthening of the
cells of the university engaged in managing the IP, being a few of them. 
As the data shows, our country
despite being a powerhouse of knowledge lags behind and encouraging researchers
to file patents can be a way to turn the tables .To help achieve this the
central Scientific Agencies both in Centre as well as in states (i.e which are
run by State Govt. like S&T Council & its subordinate deptts) should
aggressively pursue the objective of promoting IPR. The PIS at Nagpur needs also to be strengthened. Besides
the National Laboratories should focus on earning by selling selected patents.
Regular seminars /conferences may be arranged by the nodal scientific agency, i.e.
DST. The IPR protection mechanism should take full advantage of the developed
ICT network and National Knowledge Network already in existence. Besides Scientific
Departments , there are industries like ONGC, NTPC, SAIL etc which have there
own R&D group/set up. The DST may also interact with these on a regular
basis to tap the industrial IPR generated.  
The potential for innovations is
extremely high since diversity and adversity, both crucial to innovation, are
characteristic features of the Indian scene. The first permits, even
encourages, out-of-box thinking, while the letter throws up day-to-day problems
that can be overcome only by creative solutions. Our investments in higher
education and R&D facilities should provide the wherewithal to facilitate
innovations. In recognition of India’s
capabilities, a large number of MNCs have set up R&D centres in India. Yet India has not
become a leader in innovations. (It is worrisome that 9 out of the 10 entities
receiving Indian patents are of foreign origin) What seems to be lacking is the
overall eco-systeam that can translate the undoubted Indian potential into
reality.  
 The Present Economy
The Indian economy is estimated
to have registered a growth rate of 5.0% in 2012-13 in terms of gross domestic
product at factor cost at constant 2004-05 prices, following a growth of 6.2%
in 2011-12. Growth in 2011-12 and 2012-13 is on the lower side, in the context
of the decadal average of 7.9% during 2003-04 to 2012-13. This is attributable
mainly to weakening industrial growth in the context of tight monetary policy
followed by the Reserve Bank of India (RBI) through most of 2011-12, and
continued uncertainty in the global economy. With some moderation in headline
WPI inflation, there has been a reduction in the repo rate by the RBI by
50basis points in April, 2012 and by 25 basis points in January2013. The impact
to tight monetary policy has been reflected in the quarterly growth rates of
GDP. Quarterly GDP growth declined in each of the successive quarterly between
the fourth quarter of 2010-11, and the fourth quarter of 2011-12. The slowdown
in the economy particularly in the industry sector has entailed a lower-than
budgeted growth in government revenues. However, measures undertaken as part of
mid-course correction have helped in improving the expenditure outcome in
2012-13. Measures including the increase in the price of diesel by Rs 5 per
liter, allowing oil marketing companies to raise diesel prices by small amount
regularly, and a cap on the number of subsidized LPG cylinders are expected to
rein in the fiscal deficit. Growth of exports for most of the current year
remained in negative territory, and with imports picking up in recent months,
the trade deficit increased to US147 billion during April-December 2012. The
current account deficit at 4.6 % of GDP in the first half of 2012-13 is a cause
for concern. The widening of the trade and current account deficits has been
accompanied by a decline in the value of the rupee since August 2011. After
attaining an all-time low of Rs 57.22 per US$ on June 27, 2012 the rupee
rebounded and was in the range of 53-55 per US$ in the month of January 2013. WPI
inflation, after remaining persistently high during 2010-11 and 2011-12, has
shown signs of remained sticky at around 7 to 8 %over the last 12 months. With
widespread reform measures initiated in recent month and the global economy
poised for a moderate recovery in 2013-14, the Indian economy is expected to
witness an improved outlook in 2013-14. 
Inflation, after remaining persistently high during
2010-11 and 2011-12, has shown signs of remained sticky at around 7 to 8 %over
the last 12 months. With widespread reform measures initiated in recent month
and the global economy poised for a moderate recovery in 2013-14, the Indian
economy is expected to witness an improved outlook in 2013-14.