The Cabinet has approved the much-awaited National IPR Policy. Here's all you need to know about it.
The Cabinet has approved the National Intellectual Property Rights Policy, Finance Minister Arun Jaitley said, which will work towards creating a conducive environment in the country for new innovations and research and development.
With the new policy, "the aim is to create awareness about economic, social and cultural benefits of IPRs among all sections of society," Jaitley said.
Here's all you need to know about it
What is the National IPR Policy?
According to the government,
-- The National IPR Policy is a vision document that aims to create and exploit synergies between all forms of intellectual property (IP), concerned statutes and agencies.
-- It sets in place an institutional mechanism for implementation, monitoring and review.
-- It aims to incorporate and adapt global best practices to the Indian scenario.
According to Jaitley, the policy mechanism is guided by seven objectives:
Seven objectives of IPR Policy
-- IPR Awareness: 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 IPRs.
-- 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 IPRs: 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.
-- Apart from this, Jaitley said that by 2017, the window for trademark registration will be brought down to one month.
-- The policy also puts a premium on enhancing access to healthcare, food security and environmental protection.
Regulator
The work done by various ministries and departments will be monitored by the Department of Industrial Policy & Promotion (DIPP), which will be the nodal department to coordinate, guide and oversee implementation and future development of IPRs in India, a notification on PIB said.
Modi promises IPR policy in UK
Prime Minister Narendra Modi assured businessmen in UK in November last year that the IPR policy will be finalised soon. While trying to lure UK businesses to invest into India, Modi had said, "I am personally convinced and want to assure you that India is committed to protect Intellectual Property Rights of all innovators and entrepreneurs. We have taken several initiatives for transparency and online processing in IP administration. A comprehensive National IPR policy is being finalised," he added.
Industry and Commerce Minister Nirmala Sitharaman on IPR Policy
In December last year, Sitharaman had said that the proposed IPR Policy will provide both domestic and foreign investors a stable IPR framework in the country. She added, "an all-encompassing IPR policy will also promote a holistic and conducive ecosystem to catalyse the full potential of intellectual property for India's growth and socio-cultural development while protecting public interest."
(With inputs from PTI and PIB)
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