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.
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.