Finance Minister Arun Jaitley launched Intellectual Property Rights Policy in compliance with WTO’s agreement on TRIPS. Intellectual property includes Trademarks, Design, a Geographical indication of goods, patent, copyright, industrial design rights and trade secrets. This policy will be reviewed after every five years in consultation with stakeholders. Promoting financial asset and the economic tool is the crux of new IPR policy. IPRs are intangible rights. It aims at securing innovation by providing lawful protection and encouraging progress. In India, copyright laws are under the control of Department of Industrial Policy and Promotion.
Copyright will cover films, music and industrial drawings. IPR policy aims at creating awareness among people regarding IP benefits. People have a bundle of creative knowledge and government wants people to think innovatively and get their innovation protected by copyright, trademarks, and patent. Startups come with great innovations and IPR law is the best platform for them.
Well-defined laws maintain a balance between the interest of public and intellectual property owners. With strong laws, companies can restrain others from infringing on their rights. IP laws provide safeguards in the form of appeals and review.
This policy encourages employment and entrepreneurship leading to economic growth. It enhances socio-cultural development protecting public health and environment. Cost effective and high-quality innovation is the best competitive approach.
In a way, we can call today’s generation as IP Generation with an innovative mind. The government has also urged to include IP law in course materials so as to make students familiar with it and understanding its benefits for future innovations. The new policy was much needed because the number of cases in Patents has increased in last few years.
This new policy establishes and strengthens IP facilitation centers in innovation and industrial universities. To encourage participation in the global market, a government has provided tax benefits.
This policy has been framed keeping in mind both national interest and India’s international obligations. Inventors including MSMEs will get benefit with the introduction of strong mechanisms of IP system. Moreover, the opportunity to reach international level must be open to small inventors.
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