Given the rapid rise of Internet of things (IoT) and its widened application across sectors, careful implementation of interoperable standards is necessary. Standardisation is necessary to enable the deployment of interoperable, secure, high quality IoT applications in India. However, while standardisation is critical, its economic consequences are not straightforward and can generate costs and benefits to the industry. Researchers have found that governance frameworks around standard setting processes can play a role in the rate of commercialisation, incentives to engage in R&D, etc. The success of the upcoming IoT industry will depend on the co-ordinated deployment of several IPRs. This study will add another lever to the decision making toolkit and design the most suitable governance framework that helps India achieve the speed and thoroughness of implementing IoT applications in India. The analysis will be based on in-depth stakeholder interactions and secondary data analysis on the number of standards developed, time to market, etc.