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'Make in India' = IP (Manufacturing+Innovation)

India's priority is to ensure that 'Make in India' becomes a global success story. And there is no doubt that we need to put more focus on high-value creation that will take our economy to a higher trajectory and in league with the developed world

Today government, industry and policymakers, have joined hands to look for India's next stage growth, focusing on strategies that can foster and enhance the innovation capacity in the nation. The sound linkage between innovation and competitiveness should be exploited to stimulate the dynamics of innovation. Only a stable IPR culture can ensure India as the preferred investment setination, drawing in more investments, specifically from FDI.

We believe there is a need to create a robust IP ecosystem in India and protect the IP of its companies. It will also provide a stable framework for multinational companies wanting to enter India.

The National Intellectual Property Rights policy was approved in May, 2016. It is a "first of its kind" policy for India, covering all forms of intellectual property together in a single framework.

The 'Make in India' Analogy
Since the days our Prime Minister announced the 'Make in India' initiative, we have seen waves of India Manufacturing announcements. We believe, that the country can move towards high value creation and is possible with 'Make in India' initiative.

'Manufacturing' and 'Make', though sound synonymous, in reality the concepts hold different illustrations. While 'Manufacturing' indicates product assembling, 'Make' is more inclined towards product creation and design. Therefore, in simple terms, we can say 'Manufacturing' is a sub-set of 'Make' and 'Make' can be driven by 'Innovation'. And, both are important for India.

Manufacturing creates a employment and is important for a country like ours. We also need to innovate and own Intellectual Property. Otherwise it will be difficult for us to sustain our 'Make in India' initiative.

India's strength lies in strong engineering and R&D focus. Therefore, 'Make in India' also offers immense opportunity to explore our intellectual talent in building a strong IP-driven innovation culture in the country.

It is our strong belief that India should not adopt manufacturing story of other countries blindly in an attempt to build 'Make in India' a success story. Instead, we should focus on innovation and attempt a stronger IP foundation to drive an accelerated product innovation and design.

Industry-Academia Collaboration
Industry-Academia Collaboration may be an overused concept. But, we also believe the opportunity has been underused.

We are yet to inculcate the sense of urgency to innovate among young talents. Engineers coming out of colleges want to land in their dream companies, but only few can afford to dream of having their own company that will address one of the biggest problems of the country.

Therefore, the entire industry should come forward to support the wealth of talent and incubate the start-ups and fire the entrepreneurship culture among the young.

India has been dominating the world, with its talent, driving various innovations across the globe. These talents need to be nurtured locally to establish a strong IP-driven ecosystem in India.

'Electropreneur Park' (EP), a joint initiative of MeitY, IESA, University of Delhi and STPI, has provided the industry a direction to nurture product innovation in India. We have seen the industry has come forward and helped the incubated startups (at EP) with the initial round of funding.

We need to see more such initiatives from the industry partnerss and this should start at the university or academia level as the students will be ready with their prototype by the time they come out of their colleges. Ther dream company will be their own startup.

Our ranking has slipped from 62 in 2011 to 76 in 2014 on the Global Innovation Index. And, we have enough reasons to worry.

India's priority is to ensure that 'Make in India' becomes a global success story. And there is no doubt that we need to put more focus on high-value creation that will take our economy to a higher trajectory and in league with the developed world. This is possible if we innovate and own IPs. Manufacturing as the principal focus should continue to address our employment creation imperative.

I would like to conclude with a dream - 'Innovate in India, Manufacture in India, and Make it for the world'

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.

Tags assigned to this article:
make in india manufacturing fdi policy opinion

M. N. Vidyashankar

The author is president, IESA

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