MICRO, SMALL AND MEDIUM ENTERPRISES (MSMEs) AND INTELLECTUAL PROPERTY RIGHTS (IPRS)

This paper seeks to highlight the need for Micro, Small and Medium Enterprises (MSMEs)to be aware of the Intellectual Property Rights(IPRs). In the changing global scenario, the issues of IPR have gained special importance for the Micro, Small & Medium Enterprise (MSME) sector. IPR are of immense importance to entrepreneurs. Patents in new and latest technologies help in survival, trademarks in building consumer confidence and designs in creating buyer appeal. However, Indian MSME sector is lagging behind in recognizing the importance of IPR and adopting IPR as a business strategy and needs more information, orientation and facilities for protecting their intellectual powers. Under product patent regime, Indian firms will have to find new sources of growth in the future and productive Research & Development. No doubt, it is necessary that the MSME in India should show a positive approach towards creation, protection and management of IPR, so as to enable them to compete in the global market and achieve growth in business, higher exports, import containment and making Indian Industry more competitive in the present and future changing global scenario.