Explain the significance of Intellectual Property Rights (IPRs) in transforming India into a knowledge economy and innovation-driven economy. Also, mention various government initiatives aimed at strengthening the protection and enforcement of IPRs in India.

D Online Promotion: (1) Economic incentive to invest in R&D of cutting edge (2) Global investment so secured IPR Government Initiatives: (1) Legislative steps: Amendment to IPR Act 2016 (2) Reduced timelines for IPR certification from earlier 6-8 years to 1 year & months (3) Increased awareness through exhibitions, college events, etc. (4) IPR protection clauses in recently signed FTAs by UAE, Australia, CEPA These initiatives will go a long way in boosting investment, promoting R&D and incentivizing tech entrepreneurs