The Commerce and Industry Ministry is expected to soon approach the Cabinet for its approval for the proposed National Intellectual Property Rights (IPR) policy. The new IPR policy, which is framed in the context of the ongoing disputes and challenges of the Patent Act, will help to protect Indian patents, Indian designs and also take care of the Indian copyrights. In future through the policy the ministry would ensure patents shall not be expensive to register and not beyond SMEs.
The IPR think tank headed by Justice Prabha Sridevan, set up by the government last year formulated the draft patent policy earlier this year. The think tank was set up to highlight anomalies existing in the current IPR legislation and advice on possible solutions. The National IPR policy seeks to encourage innovation by providing tax incentives and modifying intellectual property rights. The new policy aims to bring clarity to existing laws and make changes wherever required to safeguard the interests of Indian industry and patent holders worldwide.
The New National IPR policy has been formulated with the mission to foster innovation, accelerate economic growth, employment and entrepreneurship, besides protecting public health, food security and environment, among other areas of socio-economic importance.