Nagpur, Apr 12 (KNN) In today’s competitive world, Intellectual Property (IP) is the fuel that powers the engine of prosperity, fostering invention and innovation, said Director of MSME-DI Nagpur.

He was speaking at an interactive workshop on Intellectual Property Rights (IPR) organized by MSME-DI Nagpur.

The objective of the workshop was to promote the creation, protection and enforcement of IPRs amongst various stakeholders and also Government of India, Ministry of MSME schemes.

Speaking on the occasion, Director of MSME-DI Nagpur, P M Parlewar said “IPRs play a crucial role as the legal vehicle through which either the transfer of knowledge or the contractual relationship is affected.”

The increasing importance of intangible assets in the global economy is forcing business organizations to actively manage their IP as a key driver for building and sustaining their competitive advantage and achieving superior performance, he added.

He focused on the commercialization of patent granted to the innovators by manufacturing units and also explained the subsidy given by Government of India for protection and enforcement of the IPRs amongst various stakeholders.

On the occasion, Examiner Patent Information Office, Poonam Maulikar explained in detail about the Patent Registration procedure.

She inspired the participants about generation, protection and economic use of intellectual property.