Creativity, innovation and entrepreneurship have finally got a place. The Cabinet has approved the national intellectual property rights (IPR) policy. This step will promote more of creativity in the country. This will create awareness about economic, social and cultural benefits of IPRs among all sections of society. Protect your brand with Country’s first IPR Policy.
The minister also let out that by 2017, the window for trademark registration will be brought down to one month. Currently, it is as long as 12-18 months. 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.
Through this policy, the government aims to lay the roadmap for intellectual property (IP) in the country. The Department of Industrial Policy & Promotion (DIPP) will be the nodal department to co-ordinate, guide and oversee implementation and future development of IPR’s in India. Copyright laws will also be administered by DIPP Instead of HRD ministry.
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.
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.
Here are the highlights from his speech:
- The widespread of Intellectual Property Rights is big in India.
- The objective behind the IPR policy is quite clear, when there are new inventions, when there is growth in trade, commerce and industry, an IPR must be there to protect them.
- If we look into how widespread this is, we see that there are various aspects of this in law. There is copyright law; it deals with trade dressing and the commercial identity of the product.
- And one of the underlying factors is that each man must sell his product under his/ her own name and identity. One person can’t steal anyone’s identity.
- If you steal somebody’s identity and piggy back on it, it’s called commercial theft.
- In India, we have a very effective and robust trademark law in place, but the policy deals with the mechanism of trademark registration.
- Trademark offices have been modernized, and we aim to bring the time taken to a few months, and the aim is to reduce the time taken for registration to just 1 month by 2017.
Source: Economic Times