Chief Economic Advisor to the Finance Minister, Kaushik Basu today stressed the need to foster better understanding about the Intellectual Property Rights, IPR in the country. Admitting that India is lagging behind in this regard, he said that most people still do not know about the concept of IPR. He added that it is a politically contentious issue. Mr. Basu also called for the inclusion of new ideas in the process of policy formation. Quoting noted economist, John Keynes, he said that vested interests may be important in the short run, but in the long run, ideas shape the world. He called on the politicians to accommodate the views of experts in the policy making process.