The Cabinet has approved the national intellectual property rights (IPR) policy with a view to promote creativity, innovation and entrepreneurship in society. Finance Minister Arun Jaitley said on Friday that the policy aims to create and exploit synergies between all forms of intellectual property (IP), statutes concerned and agencies.
According to Jaitley, there are seven objectives that guided the policy mechanism, which include IPR public awareness, stimulation of generation of IPRs, need for strong and effective laws and strengthening enforcement and adjudicatory mechanisms to combat infringements.
The policy also puts a premium on enhancing access to healthcare, food security and environmental protection. The idea is to incorporate global best practices in the Indian context and adapt to the same.
The policy is also expected to lay the future road map for intellectual property in India, besides putting in place an institutional mechanism for implementation, monitoring and review.
This policy shall weave in strengths of the government, research and development organisation, educational institutions, corporate entities, including Micro, Small and Medium Enterprises (MSME), start-ups and other stakeholders towards creation of an innovation-conducive environment.