Amid global pressure, the Cabinet on Friday approved a new National Intellectual Property Rights policy with a view to incorporating more global practices in the country, PTI reported. Finance Minister Arun Jaitley said the policy will allow the window for trademark registration to be brought down to a month and added that it will help promote creativity, innovation and entrepreneurship. The policy aims to spread awareness among public about trademarks, copyrights and patents to promote innovation within the country, he said.
However, the Centre has “resisted pressure” from the United States and other countries to change patent laws, Reuters reported. While in the United Kingdom, Prime Minister Narendra Modi in November had promised a new IPR policy and said India was committed to protecting intellectual property rights of all innovators and entrepreneurs.
The new policy called for support to less empowered groups of IP owners from rural areas, through banks offering IP-friendly loans, PTI reported, and sought to promote research and development through several tax benefits as well. It also called for measures against the manufacture and sale of misbranded, spurious and adulterated drugs. Jaitley said that the seven objectives of the policy include IPR awareness, the need for strong and effective laws and strengthening enforcement and mechanisms to combat infringements.