New IPR Policy to seek Cabinet’s Approval

Another feather to India’s hat in the field of Intellectual Property Rights (IPR) would be the brand new National IPR Policy resonating on the motto “Creative India: Innovative India”. The policy has been a burning issue in the past few months amongst the law makers and the stakeholders.Last year, the Department of Industrial Promotion and Policy (DIPP) constituted an IPR ‘Think Tank’ which was assigned the task of examining the lacunas in the current IPR regime and advice possible solutions.Post the inter-ministerial consultation, the draft is now ready to seek approval by the Union Cabinet.

The draft policy aspires to “foster innovation and creativity in a knowledge economy; accelerating economic growth, employment and entrepreneurship; enhance socio-cultural development; and protect public health, food security and environment.”[1]Further, augmenting its mission are a varied spectrum of objectives which it yearns to accomplish, ranging from tapping into the less explored spheres of IPRs such as traditional knowledge, geographical indications to widening the arenas for fuller utilization and commercialization of the same.

As per the Commerce & Industry Minister,Nirmala Sitharaman, the draft policy aims at boosting investment particularly in the domain of innovation; offers tax incentives, and intendsto remove the price roadblocks for patents. The proposal also aims at simplification of FDI policy with a view to attract foreign investments and facilitating ease in the businesses.The foreign investors, who have always been skittish when it comes to investing in India due to the numerous loopholes prevailing in India’s IPR legislations, will surely be pacified with the coming of this new policy.

Overall, the draft policy is a balanced approach catering to the contemporary requirements, keeping in view the future growth while complying with the international standards. Such a blend is a great stepping stone to ‘Digital India’.