Abstract: India is poised to become a leading science and technology hub. Intellectual property rights (IPR) have made a substantial contribution to India's economy through boosting research and development. In truth, IPR and economic growth are inextricably linked. It's time to recognize and honor youth-led innovation and creativity.

INTRODUCTION

"My hope of the future lies in the youths of character, intelligent, renouncing all for the service of others, and obedient - good to themselves and the country at large"[1]

- Swami Vivekananda

The value of a country is determined not by its wealth or goods, but by its people. A country may be wealthy, but the collective intellect and intelligence of the individuals who contribute to that prosperity is more significant than the actual wealth. The youth of a country determine how it will shape out in a few years; they are the country's future, and their acts and inactivity both contribute to the nation's state. As a result, it is correct to state that any country seeking to achieve long-term economic success requires the full support of its youth. The youth are indeed a barometer of a country's development, determining how quickly or slowly it develops.

HOW YOUTH ARE A VALUED ASSET FOR ECONOMIC GROWTH

India has the world's largest youth population, which is expected to grow even more in the future decade. Seventy percent of India's population is under the age of 35. Young people have demonstrated incredible endurance and the ability to not just survive but also create wealth. Youth aged 15 to 29 years old account for 27.5 percent of the population. The youth, aged 15 to 29, currently contribute approximately 34% of India's Gross National Income (GNI). It is imperative to capitalize on the demographic dividend and harness the ebullient youth and their creative energies into nation-building by improving their well-being through strategic planning.

1.HARBINGERS OF CHANGE

From gaining independence to developing new technologies that challenge the status quo to new forms of art, music, and culture, young people have been the heralds of change throughout the history of our wonderful nation, India. They have the ability to address today's urban challenges and come up with creative solutions. This generation is a tremendous and mostly untapped reservoir of innovation and imagination that can help us make the changes we need to get back on a more sustainable path.

Today, the world is in the midst of an unprecedented crisis in which nearly every country is battling. Such crises frequently prompt reconsideration of established norms and conceptions, as well as the initiation of thought processes aimed at shifting knowledge and power centers. The current pandemic crisis has caused shifts in several countries' thinking patterns in terms of power, resources, and innovative status. The way of doing business is changing around the globe. In this changing circumstance, we are assessing whether India is prepared, with the goal of restoring and reclaiming the image of glorious India as the world's teacher-vishwa guru. It has emerged as one of the new world's leaders on a number of fronts, while many rich countries have struggled to cope with the worst.

2.PROBLEM SOLVERS OF THE FUTURE

"The basis of innovation is often a desire to solve other people's problems."

India is beset by a slew of societal evils and local issues. A local issue is just as urgent as a large global issue. It's no surprise that local challenges and personal tales are powerful motivators for young inventors to pursue a project. It translates to a lot of passion and highly targeted, effective solutions. The country's positive and innovative youth have immense potential, and they can utilize their education to combat the country's ills - they can combat every social ill that holds a nation back and stops it from progressing at the rate it should.

Young innovators recognize the need to develop their talents in order to provide greater possibilities for their peers. There are lots of smart minds on the rise in India. Their new insights, energy, curiosity, and "can-do" attitude, not to mention their desire for a brighter future, are already changing ways and pushing change. Youth in the twenty-first century can successfully design prototypes and shock the world with their unique ideas thanks to the power of information and technology. Because of the COVID-19 pandemic, students had a lot of free time at home, which they used to develop their ideas.

To combat the coronavirus, students created eyewear with distance sensors, a touch-less doorbell, sanitizing bands, and a portable ventilator, among other things. We've seen some of the most ground-breaking ideas come from really young minds all throughout the country. Adults have been stumped by their easy and unconventional solutions to the 21st century's toughest challenges, including lowering pollution, converting to cleaner energy use, and combating our plastic scourge. Young people typically have a fresh and novel perspective on the world, as well as the imagination and motivation to make changes. Their keen observations, combined with a deep sense of empathy and a flare for action, have enabled them to make great strides towards creating an impact.

3.DIGITAL NATIVES AND REPOSITORY OF NEW AGE SKILLS

Technology has become an indisputable element of our daily lives. Young people are no longer merely consumers of technology; they are tomorrow's inventors, creators, pragmatists, and entrepreneurs. Digital natives include Millennials and Generation Z. They grew up in a world where the barriers between the actual and digital worlds were blurred. The widespread use of mobile phones and Internet access among young people has revolutionized the way we communicate and is a defining feature of our generation. As a result, a generation that is probably the most entrepreneurial, innovative, and creative in history has emerged. It is past time to recognize young people's enormous ability to develop new and better solutions that will aid in the transition to a more sustainable future. Indians make up a sizable percentage of software professionals all across the world. Our brilliant mathematical minds are well regarded around the world. And the opportunities given by digital media have not only accelerated the ideas of young inventors, but have also paved the road for future innovations.

Young innovators must be fostered. They are makers, and their capacity to connect the dots and generate new ideas is astounding, and it is something that schools, parents, and society as a whole should recognize. With a growing emphasis on innovation, cross-border research, and collaboration, it's more important than ever to understand intellectual property laws in order to preserve student ingenuity. Young innovators must recognize their value as young designers and how they may contribute to the welfare of communities by developing goods and having them properly patented.

INNOVATION WITH IP RIGHTS: A MUST FOR A BETTER FUTURE

The application of ideas that results in the introduction of a new way of doing something or a new technical solution to a problem is known as innovation. As a result, they are essentially the building blocks of technological growth, and promoting them is critical.

Intellectual property (IP)[2] refers to the property represented by a product or process resulting from human creativity, intellect, or innovative ideas. It is a catch-all term for a variety of rights such as copyright, trademark, design, geographical indications, plant variety rights, and trade secrets that are granted by society to individuals or organizations primarily over creative works such as inventions, literary and artistic works, and the symbols, names, images, and designs used in them.

For a short time, they offer the creator the right to prevent others from making unlawful use of their property. Industrial Property (functional commercial innovations) and Artistic and Literary Property are two types of intellectual property (cultural creations). Current technology advances are blurring this divide to some extent, and hybrid sui generis systems are emerging.

EFFORTS MADE BY THE GOVERNMENT

In today's so-called "knowledge-based society," intellectual property rights have never been more commercially and politically vital. The previous ten years have seen unparalleled levels of technological innovation, which have transformed homes, workplaces, medical, transportation, communication, military, and many other areas. These innovations have contributed significantly to the country's economic, social, and political development, resulting in several revisions in Intellectual Property (IP) laws and related business laws, resulting in a fruitful land where the crop of glory is ready to bloom. The years 2014–2016 are noted in India for the integrated development of intellectual property and business laws. "Make in India," "StartUp India," "Digital India," "Skill India," and "Standup India" were established as distinct business mantras that inoculated the seed of Indian economic growth. The Pradhan Mantri Mudra Yojna (PMMY) has expanded opportunities for entrepreneurship and employment.

On May 12, 2016, the first National Intellectual Property Rights (IPR) Policy[3] was adopted as a vision document to guide the country's future growth of IPRS. The National IPR Policy has provided a compelling rationale to nurture the concept of Innovation for the Nation. The Policy's motto, "Creative India; Innovative India: रचनात्मक भारत; अभिनव भारत" highlighted India's richness of creative and innovative energies, as well as the need to tap into and channelize these forces toward a better and brighter future for all. Overall, these significant reforms in IP and business laws are supporting a healthy innovation ecosystem in India, where IP development, protection, enforcement, and monetization are ripening.

Kofi Annan[4] remarked that "young people should be at the forefront of global change and innovation." They may be major agents for development and peace if they are empowered.

To help India become the world's "design hub" or "innovation powerhouse," we must reach out to future creators at a young age and instill in them the necessity of safeguarding their ideas and work. The fundamental goal of education is no longer merely to earn a job, but to produce innovative citizens who can tackle global challenges. Therefore, essential awareness of the Creator's rights should be provided to students at school level.

Students will enter a professional world in which they will create and exercise intellectual property rights, so it should be included in school and university curricula. One of the nation's top priorities, across all sectors and stakeholders, must be to support and promote the development of India's youth.

Furthermore, understanding intellectual property laws aids inventors in staying competitive by allowing them to secure their goods and designs. IPR allows them to collaborate on funding more effectively. If the inventions were patented and used to trade for beginners, designers and businesses would get a competitive advantage. IP has the ability to improve lives and provide livelihoods for billions of people.

IPRs can help achieve objectives, assist in the transformation of ideas into reality, generate revenue, create jobs, and have a positive impact on the world. Innovation and intellectual property rights go hand in hand in today's thriving and competitive market.

A patent, for example, can grant a monopoly on an invention for up to twenty years. In exchange for that protection, the invention's specifics are made public, allowing knowledge to be shared and expanding the capacity for subsequent innovation. Because of IPRs, young people have access to some of the most effective tools they need to advance their aspirations for a better future. IPR safeguards the inventor's monetary as well as non-monetary (reproduction or publication) interests.

IP rights contribute to societal enrichment by promoting: (1) Fair Use—the broadest possible availability of new and useful goods, services, and technical information resulting from innovative activity (recognizes inventors' work and allows free flow of information); and (2) Fair Dealing—the highest possible level of economic activity based on the production, circulation, and further development of such goods, services, and information. (Encouraging our youth to be innovative and creative).

As per data from the World Intellectual Property Organization (WIPO), India submitted more than 2.5 times as many patents in 2018 as it did in 2009. India's gross domestic product has nearly doubled in the same timeframe. The number of patent applications increased by 50% in the last seven years, from 42,763 in 2014-15 to 66,440 in 2021-22. For the first time in 11 years, the number of domestic patent filings topped the number of overseas patent filings in January-March 2022.[5] IPR has the ability to considerably boost a country's economic growth. Intellectual property protection encourages research and development. Licensed innovation encourages companies to invest in innovative technologies that have a significant social benefit. Young innovators may be allowed to use intellectual property rights to generate local health solutions to local health problems.

Many areas of youth-led innovation continue to be an untapped source of creativity. As a result, the government is attempting to create a legal and regulatory environment that encourages young innovators, creators, and entrepreneurs. With a patent, innovators can grant licenses for mass manufacturing, directly benefiting the economy.

THE WAY FORWARD

Since the youth are the driving force behind long-term socioeconomic growth, their participation in a country's development initiatives is crucial. As a result, it is correct to state that any country seeking to achieve long-term economic success requires the full support of its youth. The recent shift in the situation implies that we are at least attempting to reclaim the glory that was long lost. Recent efforts made by the country can help us move forward in a positive direction and realize our full potential in terms of effectively utilizing our indigenous brains. A route of innovation and restructuring with IP must be defined and pursued in order to reap the best fruit.

[1] Chakrabarti, B. (2018, January 11). Swami Vivekananda’s life and teachings for the Youth. Life11- Scribble and Scrawl; life11.org. https://life11.org/2018/01/11/swami-vivekanandas-life-and-teachings-for-the-youth/

[2] [1] Intellectual Property Rights Events (n.d.). IPR Events, ipindiaservices.gov.in. https://ipindiaservices.gov.in/events-ipr/home/Information-Booklet.aspx (accessed April 26, 2022)

[3] New IPR Policy. (n.d.). New IPR Policy; pib.gov.in. Retrieved April 26, 2022, from https://pib.gov.in/newsite/PrintRelease.aspx?relid=148265

[4] Lead Editor, N. J. (2021, February 26). 54 Kofi Annan Quotes On Leadership, Education and Rights. Everyday Power; everydaypower.com. https://everydaypower.com/kofi-annan-quotes/

[5] Number of patent filings rises to 66,440 in FY22 - The Economic Times. (n.d.). The Economic Times; economictimes.indiatimes.com. Retrieved April 26, 2022, from https://economictimes.indiatimes.com/news/india/number-of-patent-filings-rises-to-66440-in-fy22/articleshow/90796873.cms