Union Cabinet has approved the National Intellectual Property Rights (IPR) policy with a view to promoting creativity, innovation and entrepreneurship.
- The move is to integrate global best practices in the Indian context and adapt to the same.
- It aims to create awareness about economic, social and cultural benefits of IPRs among
all sections of society. - The Finance Minister Arun Jaitley also uttered that by 2017, the window for trademark registration will be brought down to one month.
- During UK visit last year PM Narendra Modi assured businessmen that the IPR policy will be finalised soon to lure UK businesses to invest into India.
all sections of society. Objectives of the Bill:
- Intellectual Property Awareness: This is to create public awareness about the economic, social and cultural benefits of IPRs among all sections of society.
- Also to stimulate the generation of IPRs also targeting marginal stakeholders in IP generation like MSMEs and rural citizens.
- Legal and Legislative Framework – IPR laws that balances the interests of rights owners with larger public interest.
- Administration and Management& Commercialization: – To modernize and strengthen service-oriented IPR administration and making Commercialization to exploit the IPR laws.
- Enforcement and Adjudication – For combating IPR infringements also to strengthen the enforcement and adjudicatory mechanisms.
- Human Capital Development – To expand human resources, institutions and capacities for teaching, training, research and skill building in IPRs.
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