NEW DELHI: India will soon have a national Intellectual Property Rights (IPR) policy to foster innovation, accelerate economic growth, and generate employment and entrepreneurship.
“We are taking it (IPR Policy) up. In fact, it has already reached the Cabinet Secretariat. I hope it will come on the agenda of the Cabinet soon,” Commerce and Industry Minister Nirmala Sitharaman said on Thursday.
Intellectual property (IP) is defined by the World Intellectual Property Organization (WIPO), “creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.”
IP is protected in law by patents, copyright and trademarks, which enable people to earn recognition or financial benefit from what they create.
By striking the right balance between the interests of innovators and wider public interest, the IP system aims to foster an environment where creativity and innovation can flourish.
An IPR policy is important for the government to formulate incentives in the form of tax concessions to encourage research and development. It is also critical to strengthen the Make In India/Start-up/Digital India schemes.
The IPR policy also aims at protecting public health, food security and environment, among other areas of socio-economic importance. The US and a few developed countries have on different occasions raised concerns over India’s IPR laws, especially related to solar and pharma sectors.
Prime Minister Narendra Modi has also been advocating awareness programmes on IPR in school and colleges.
FTA talks with EU
India is keen on resuming long-stalled talks for trade pact with the European Union, Commerce and Industry Minister Nirmala Sitharaman said, adding that she has approached the 28-nation bloc for a meeting of chief negotiators of the two sides and written a letter to European Union Trade Commissioner Cecilia Malmstrom.