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

Union Cabinet has approved the National Intellectual Property Rights (IPR) policy with a view to promoting creativity, innovation and entrepreneurship.

  • 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.
  • The policy aims to create and exploit synergies between all forms of intellectual property (IP), statutes concerned and agencies

The policy also puts a premium on enhancing access to healthcare, food security and environmental protection. It is expected to lay the future road map for intellectual property in India, besides putting in place an institutional mechanism for implementation, monitoring and review.

The end product stimulates creativity and innovation across sectors as also facilitates a stable, transparent and service-oriented IPR administration in the country, it stressed. Giving due recognition to the growing criticality of IPR in the global arena, the blueprint makes out a case for increasing its awareness in India, whether it is owned by oneself or according respect to others.

"The importance of IPRs as a marketable financial asset and economic tool also needs to be recognised. For this, domestic IP filings as also commercialisation of patents granted need to increase. Innovation and sub-optimal spending on R&D too are issues to be addressed," the statement said further.