Tuesday, June 15, 2021
HomeBusinessIPR policy to help India become innovative economy

IPR policy to help India become innovative economy

The national Intellectual Property Rights (IPR) policy being prepared by government will help India become an innovative economy over the next 10 years, a top official said Wednesday.

Secretary in the Department of Industrial Policy and Promotion (DIPP) Amitabh Kant said that recognising the need to scale up the process of IP creation and increase commercialisation of the technology, the government has embarked on the process of preparing a national IPR Policy.

“We expect it to be a visionary document that can guide the journey of India towards becoming an innovative economy in the next 10 years,” he said at a CII function.

A draft policy, which is in the public domain, seeks to encourage innovation by providing tax incentives and modifying intellectual property rights.

Kant said it has been formulated with a mission to foster innovation, accelerate economic growth, employment and entrepreneurship besides protecting public health, food security and environment.

However, he added that it is important to have an innovative ecosystem which supports translation of inventions into commercial use.

This ecosystem can only be created and nurtured through initiatives of the government in collaboration with industry, Kant said while seeking specific inputs in improving overall environment to facilitate commercialisation of inventions.

Further expressing concern over less numbers of patent applications filed by domestic companies, Kant said considering that the country has one of the largest reservoirs of scientists and technologists, it was extremely unjustified that the levels of patent filings are still “fairly low”.

Most Popular

- Advertisment -