The Cabinet on Friday approved the national Intellectual Property Rights (IPR) policy.
IT-BPM industry body Nasscom on Friday said the government's ‘single umbrella approach’ with the new national Intellectual Property Rights (IPR) will help entrepreneurs leverage linkages between various IP offices.
The Cabinet on Friday approved the national IPR policy with a view to promoting creativity, innovation and entrepreneurship.
The policy is expected to lay the future roadmap for IPR in India, besides putting in place an institutional mechanism for implementation, monitoring and review.
This policy will weave in strengths of the government, research and development organisations, educational institutions, corporate entities, including MSMEs, startups and other stakeholders towards the creation of an innovation-conducive environment, an official statement read.
Nasscom said the Policy has ‘reformed’ the current administration by making Department of Industrial Policy and Promotion (DIPP) the nodal point to coordinate and guide future development of IPRs in India.
The responsibility for actual implementation of the plans of action will remain with the Ministries/Departments concerned in their assigned sphere of work.
"This single umbrella approach will help leverage linkages between various IP offices," Nasscom said in a statement.
The proposed Cell for IPR Promotion and Management (CIPAM), to be constituted under the aegis of DIPP, would be an important connection with the inventors and innovators, it added.
The body said timeliness of grant of IPR is critical for its relevance.
"We welcome the policy's focus on modernisation of offices, adoption of service orientation by improving the quality of service, search facilities and information made available to investors and other stakeholders," it said.
It added that periodic reviews and updates of IP-related rules, guidelines and procedures will ensure an effective IPR regime.
"The policy has captured the concerns suitably and their proposal to create a simple loan guarantee scheme to encourage startups based on IPRs as mortgageable assets," it said.
Nasscom applauds the policy for encompassing the entire value chain spanning across IPR awareness, generation, legislative framework, administration, commercialisation, enforcement and adjudication and human capital, it added.
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