Examine the key focus areas of the National Intellectual Property Rights Policy and explain how its seven goals aim to promote innovation, entrepreneurship and socio-economic development.

On May 12th, 2016, the Union Cabinet approved the IPR Policy. It acknowledges India's well-established, TRIPS-compliant legal structure to protect IPRs and strives to balance her development objectives by making use of the flexibilities offered by the global regime. The Policy places a special emphasis on spreading knowledge about IPRs and emphasising their value as a marketable financial asset and a tool for the economy. IPR Policy focus on: Improving access to healthcare, food security, and environmental protection, among other areas of critical social, economic, and environmental importance. fostering creativity and innovation and thereby promote entrepreneurship and enhance socio-economic and cultural development. The Policy outlines seven goals that are further defined with actions that must be taken by the designated nodal Ministry or Department. The goals are briefly discussed below: - IPR Awareness: Outreach and Promotion - To create public awareness about the economic, social and cultural benefits of IPRs among all sections of society. Generation of IPRS - To stimulate the generation of IPR. Legal and Legislative Framework - To have strong and effective IPR laws, which balance the interests of rights owners with larger public interest. Administration and Management - To modernize and strengthen service oriented IPR administration. Commercialization of IPR - Get value for IPRs through commercialization. Enforcement and Adjudication - To strengthen the enforcement and adjudicatory mechanisms for combating IPR infringements. Human Capital Development - To strengthen and expand human resources, institutions and capacities for teaching, training, research and skill building in IPRs.