The national Intellectual Property Rights (IPR) policy being prepared by government will help India become an innovative economy over the next 10 years. Secretary in the Department of Industrial Policy and Promotion (DIPP) Amitabh Kant further elaborating said that recognising the need to scale up the process of IP creation and increase commercialisation of the technology, the government has embarked on the process of preparing a national IPR Policy and it has been formulated with a mission to foster innovation, accelerate economic growth, employment and entrepreneurship besides protecting public health, food security and environment.
Kant said that there is a need to improve the level of IP awareness across all sectors and it is critical that the need for IP creation and protection percolates down across industries, institutions and PSUs. However, he added that it is important to have an innovative ecosystem which supports translation of inventions into commercial use. This ecosystem can only be created and nurtured through initiatives of the government in collaboration with industry. He also said that the government has taken several measures to improve the delivery of services provided by IP office such as processing of IP applications.
IPR is widely recognised as a key component for a company's growth and in improving its competitiveness. A draft policy is in the public domain, which seeks to encourage innovation by providing tax incentives and modifying intellectual property rights.