The initiative, titled "Fair Value for Innovation", will examine economic underpinnings that would enable breakthrough innovation, and explore how policymakers can harness innovation capital in India and around the globe through research, advocacy, partnerships, and programs.
"The promise of India's innovation ecosystem is real, and the U.S. industry has a stake in it," said Patrick Kilbride, Senior Vice President of GIPC.
"Innovation has revolutionised life in India and pulled millions out of poverty, but India will need to go further and become a disruptive innovator in order to take full advantage of the innovation revolution. As a recognition of this promise, India is the very first market where we're launching this important initiative," Kilbride added.
NITI Aayog Chief Executive Officer (CEO) Amitabh Kant said India is ideally positioned as a "thought-leader and regional economic power to help bring the benefits of innovation in artificial intelligence (AI)".
"We want to capitalise on this disruption and innovate for social and inclusive good. Innovative technologies can augment India's capacity in healthcare, improve outcomes in education, develop innovative governance systems for our citizens, and bolster inclusive prosperity," Kant added.
During the launch of the initiative, Director General of the World Intellectual Property Organisation (WIPO) Francis Gurry noted, "Innovation is a critical component of all competition and intellectual property (IP) is one of the key tools to protect competitive advantage arising from that innovation."
"The good news is that India's IP system is aligning with the international IP ecosystem more than ever before, positioning the economy as a promising global innovation hub," Gurry added.
President of the Observer Research Foundation and Curator of the Raisina Dialogue, Samir Saran said, "The future of work in India is uncertain, but full of opportunities. We are pleased that this discussion explored the enablers of transformative innovation in India-a fine segue to brainstorm policies, programs, and action needed for India to leverage the possibilities of technological disruption, manage associated risks, and enhance its preparedness to compete as a knowledge economy."
The discussion helped to define the contours of the Fair Value for Innovation initiative, which will build a coalition of stakeholders to share the story of innovation and creativity from idea to market and will highlight public policy prescriptions that can incentivise transformative innovation for generations.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)