India’s New Intellectual Rights Property (IPR) policy has received a warm welcome from the US Chamber of Commerce. Appraising the new IPR policy, the US Chamber of Commerce said that, ‘it hopes that the move is a “precursor” to the “concrete, structural” changes necessary for implementation of a strong innovation model.’
A statement issued by Patrick Kilbride, Executive Director of International Intellectual Property of the US Chamber of Commerce’s Global Intellectual Property Center (GIPC) further stated that the Indian government had well understood the need of it’s economy’s requirement of an effective IP protection and hopefully this commitment would lead to decisive legal reforms.
Intellectual property (IP) refers to the creations of the individuals over which they can create a monopoly by law and become the designated owners of their ideas and concepts which they can get through trademarks, patents, copyright etc. IP cover music, literature, inventions and other artistic works. It provides them an opportunity to obtain benefits from their own work by investing in their creation.
IP continues to be a contentious issue between India and the developed countries on every global business forum. “This new policy will hopefully foster the innovation”, said another US top official. This appraisal is worthy as India is on the priority watch of the US for IPRs in its Special 301 report.
The Indian Union Cabinet approved the IPR policy under the tagline “Creative India: Innovative India”, updating various IP laws to promote innovation and entrepreneurship, improving ease of doing business in India and curbing the piracy.
This new policy is in compliance with the global norms of WTO’s (World Trade Organisation) agreement on TRIPS (Trade Related aspects of IPRs).
It lays focus on:-
● Creating awareness among all sections of the society.
● Promoting innovation and creativity.
● Providing balanced structure of legal framework.
● Better administration and management.
● Commercialising IPR’s.
● Proper enforcement and adjudication.
● Strengthening and expanding human capital development.
The process of Trademark registration will become easier and by 2017, people will be able to obtain patents within one month.
With these new developments in the IPR policy, we are hopeful that India will attract and encourage creativity, innovation and entrepreneurship within the country and turn India into an attractive destination for world investors, thereby boosting the economic growth and development here.
