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National Intellectual Property Rights policy approved by Cabinet

The Cabinet has approved the national intellectual property rights (IPR) policy with a view to promoting creativity, innovation and entrepreneurship.

The aim is to create awareness about economic, social and cultural benefits of IPRs among all sections of society, Finance Minister Arun Jaitley said while briefing reporters about Cabinet decisions taken on Thursday.

The minister also let out that by 2017, the window for trademark registration will be brought down to one month.

“The policy aims to create and exploit synergies between all forms of intellectual property (IP), statutes concerned and agencies,” he said.

According to Jaitley, there are seven objectives that guided the policy mechanism, which include IPR public awareness, stimulation of generation of IPRs, need for strong and effective laws and strengthening enforcement and adjudicatory mechanisms to combat infringements.

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