Why is there a new Intellectual Property Rights Policy in India?
India’s intellectual property rights regime has often come under sharp criticism from developed countries for aspects like compulsory licensing and standards barriers such as testing, certification and registration requirements.
These were said to not only pose as obstacles to international companies trying to do business with India, but also affect the pace of India’s integration into the global economy.
The new policy aims to “establish a dynamic, vibrant and balanced intellectual property system in India, to foster innovation and creativity in a knowledge economy and to accelerate economic growth, employment and entrepreneurship”, with the following objectives:
- Create public awareness about economic, social and cultural benefits of IP
- Stimulate the creation and growth of IP
- Have effective laws to balance public interest with the rights of IP owners
- Modernize and strengthen IP administration
- Augment commercialization of IP rights
- Strengthen the fight against IP violations, and promote respect for IP rights
- Strengthen and expand human resources and institutions for teaching, training, research and skill building in IP
What Are Intellectual Property Rights?
Intellectual Property Rights pertain to unique ideas and creations of individuals or organisations.
They are designed to give the owner exclusive rights over the use of his/her/their creation for a certain period of time.
It is a form of protection provided to creations such as inventions, literary and artistic works, and designs.
They also protect the uniqueness of symbols, names and images used in commerce, thereby enabling people to earn recognition or financial benefit from what they create.
IPR is very useful to protect entrepreneurs, who often find their ideas and inventions copied by others, and have no way of preventing them to do so legally.