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Cabinet approves country’s first Intellectual Property Rights (IPR) policy

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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 iprall 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.

 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.