In a major step towards enhancing ease of doing business, Prime Minister Narendra Modi-led Cabinet has approved the National Intellectual Property Rights (IPR) Policy, that will lay the future roadmap for intellectual property in India.
Announcing the approval, Finance Minister Arun Jaitley said, “IPR is an important step; till 2017 it will take only 1 month to register a trademark. That is the kind of capacity building that we are eyeing.”
“The Policy recognises the abundance of creative and innovative energies that flow in India, and the need to tap into and channelise these energies towards a better and brighter future for all,” says the government release.
“While IPRs are becoming increasingly important in the global arena, there is a need to increase awareness on IPRs in India, be it regarding the IPRs owned by oneself or respect for others’ IPRs. The importance of IPRs as a marketable financial asset and economic tool also needs to be recognised,” the release adds.
The IPR policy lays down the following seven objectives:
1) IPR Awareness: Outreach and Promotion – To create public awareness about the economic, social and cultural benefits of IPRs among all sections of society.
2) Generation of IPRs – To stimulate the generation of IPRs.
3) Legal and Legislative Framework – To have strong and effective IPR laws, which balance the interests of rights owners with larger public interest.
4) Administration and Management – To modernize and strengthen service-oriented IPR administration.
5) Commercialization of IPRs – Get value for IPRs through commercialization.
6) Enforcement and Adjudication – To strengthen the enforcement and adjudicatory mechanisms for combating IPR infringements.
7) Human Capital Development – To strengthen and expand human resources, institutions and capacities for teaching, training, research and skill building in IPRs.