DIPP to seek Cabinet's nod for National IPR policy next month

NEW DELHI: The Commerce and Industry Ministry will approach the Union Cabinet to seek its nod for the national Intellectual Property Right (IPR) policy.

"The draft note is under circulation for inter-ministerial views. Within 15 days, the ministry will approach the Cabinet to get the approval," a ministry official said.

A government-appointed think-tank on IPR has prepared the draft policy, which seeks to encourage innovation by providing tax incentives and modifying intellectual property rights.

The national IPR policy has been formulated with the mission to foster innovation, accelerate economic growth, generate employment and entrepreneurship, the official said.

Besides, it aims at protecting public health, food security and environment, among other areas of socio-economic importance.

The draft report had enlisted six objectives of the policy which include patent awareness and promotion, creation of IP, legal and legislative framework and commercialisation of patents.

It had suggested to provide statutory incentives, like tax benefits linked to IP creation for the entire value chain from IP creation to commercialisation.

Developed countries like the US have several times raised concerns over India's IPR laws, particularly related to solar and pharmaceutical sectors.

Concerns have also been raised over increasing pendency of patent, copyright and trademark applications in the country.

About 2.46 lakh patent applications and 5.32 lakh trademark registrations are pending with the government due to shortage of manpower.

The government has taken several measures to augment available manpower and other necessary infrastructure.