Innovation, creativity and economic development through knowledge is included in the national development strategies in the top position due to the hope that India will be a developed nation in the year 2047. Among the areas that stand at the centre of the process of introducing innovations into a form of economic value are the commerce sector, which comprises of start-ups, MSMEs, digital businesses, production, and service sectors. Intellectual Property Right (IPR) is an essential institution tool that safeguards innovation, promotes creativity and commercialization. In this research paper, the recent face of the commerce in India has been examined and the role of IPR examined critically in terms of how it has managed to provide creativity, create competitiveness, and guarantee sustainability of businesses in India. The research design adopted in the study on the research problem follows a descriptive and analytical design in its elaboration since it investigates the effectiveness of the IPR framework in India, issues faced by businesses in taking advantage of the IP property and the contribution of IPR towards the long term developmental vision of India. The summary of the paper is that to achieve the goals of Developed India 2047, an inclusive and supportive IPR ecosystem is needed, and recommendations on policies can be offered to increase IP awareness, enforcement, and commercialization in the business sector.